Fed at War Over Fresh Stimulus: Riots Spread North As London Clamps Down

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Riots spread north as
London clamps down
DISORDER and rioting spread to sever-
al cities across the country last night
while Scotland Yard put London into
lockdown, trebling the number of
police on the streets and promising
tough law enforcement, including the
possible use of plastic bullets, to tack-
le violence.
Although London appeared to be
more peaceful than the three previ-
ous nights, sporadic rioting and loot-
ing flared up in Manchester and other
regions including the West Midlands.
Hundreds of masked youths
swarmed through Manchesters city
centre yesterday, ransacking shops
and setting fire to a Miss Selfridge
store, while violence also broke out in
Salford. Police have arrested 47 peo-
ple so far across the two cities.
There is no sense of injustice or
any spark that has led to this, assis-
tant chief constable Garry Shewan of
Greater Manchester said. It is, pure
and simple, acts of criminal behav-
iour which are the worst I have seen
on this scale.
There were also attacks in the
Midlands, including Nottingham
where a police station was fire-
bombed by a gang of up to 40 men,
police said. Around 80 people were
arrested in the city during yesterdays
unrest.
In London many areas saw offices
close early and shop-keepers board up
their fronts while theatres cancelled
performances.
It also emerged yesterday that Mark
Duggan, whose death sparked
Londons riots did not fire at police,
according to an independent report.
MORE: PAGES 2,3 AND 8
BY KASMIRA JEFFORD
RIOTS
A policeman patrols in Birmingham as the unrest spreads Picture: REUTERS

THE FEDERAL Reserve last night
pledged to keep US interest rates at
their exceptionally low levels until
at least mid-2013, in a bid to stimulate
the ailing US recovery.
Yet three dissenters broke ranks
from chairman Ben Bernanke (pic-
tured) and his senior colleagues on the
Federal Open Market Committee.
Richard Fisher, Narayana
Kocherlakota, and Charles Plosser
rebelled against the statement, break-
ing from the Feds convention of list-
ing no more than one dissenting
name.
The news came on the day that
stocks pared some of the painful losses
over the past week.
The Dow Jones industrial average
and S&P 500 rose 3.98 per cent and
4.74 per cent respectively, despite tank-
ing by over one per cent as the Fed
released its statement.
The statement included a
devastatingly downbeat verdict
on the American recovery,
describing economic condi-
tions as slower, flattened,
depressed and weak yet
did not signal the start of
another round of quan-
titative easing.
The Dow is still over
12 per cent down from
its peak this year as
investors worry
themselves about
faltering growth as well as the recent
downgrade of the US economy by rat-
ings agency S&P.
The dollar plunged as low as 0.706
against the Swiss franc, falling more
than five per cent during the day.
The Feds gloomy statement turns
attention to the Bank of Englands lat-
est Inflation Report, which will be
released this morning and could be
used by Bank governor Mervyn King to
support his own stance on keeping
interest rates at historically low levels.
King has led the Banks dovish
charge despite concerns about rising
inflation. The consumer price index
has consistently surpassed the two per
cent target.
World markets have plummeted in
recent days on concerns of faltering
growth in a batch of economies as well
as on debt concerns within the
Eurozone.
The Bank forecast growth for this
year of around 1.75 per cent in Mays
report -- yet economists now see the
UK expanding by just 1.3 per cent,
according to figures compiled by
the Treasury.
The FTSE plummeted below the
5,000 mark yesterday as the
sell-off continued
early on, yet later
recovered confi-
dently to 5,164
points.
Back in the US,
the Feds dovish
decision on rates
was far from
unanimous, with three dissenters
refusing to support the statement.
The three voted to maintain the stance
that accommodative rates should only
be pledged for an extended period.
Their opposition suggests resistance
on the committee to a third period of
quantitative easing, dubbed QE3.
The statement hinted at the possibil-
ity of QE3 to come, alluding to the
range of policy tools available to pro-
mote a stronger economic recovery in
a context of price stability. The com-
mittee is prepared to employ these
tools as appropriate, it said.
The text sounds very similar to
Fed statements in the build up to QE2,
noted Paul Dales of Capital Economics.
However, the rebound in core infla-
tion means that the hurdles for QE3
are higher than for QE2, particularly
when the Fed is unusually divided,
Dales added.
Gold futures soared to a record
$1,743 an ounce following the state-
ment, adding nearly $30 to their pre-
statement levels.
Yields on 10-year US government
bonds sank as low as 2.03 per cent
after the Fed spoke, yet rose quickly
again to 2.25 per cent.
SWISS FRANC: A SAFE OPTION? P19
FED AT WAR
OVER FRESH
STIMULUS
BY JULIAN HARRIS AND DAVID HELLIER
WORLD ECONOMY
Bank of England chief

Mervyn King will today
present its Inflation
Report, expected to
downgrade UK growth
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Issue 1,443 Wednesday 10 August 2011
Lawless London
2 CITYA.M. 10 AUGUST 2011
Politicians fly home
to a Britain in crisis
POLITICIANS were last night travelling
back from their summer holidays,
after the Prime Minister announced
he would recall parliament in
response to the London riots.
David Cameron, who himself only
returned to Britain in the early hours
of yesterday morning, said he was
recalling MPs so they could stand
together in condemnation of these
crimes.
He is not expected to table any
emergency legislation, although
sources said he could take drastic steps
such as deploying the armed forces
without passing any new laws.
A Downing Street source said party
whips had sent out a message to MPs
instructing them to return and would
take a dim view of those who contin-
ued to holiday.
Chancellor George Osborne was also
flying back from his vacation in Los
Angeles last night, and will make a
statement about the turmoil that has
engulfed financial markets in the
Commons tomorrow.
Boris Johnson, the London mayor
who initially refused to cut his holiday
short on the grounds he would not
let criminals set the agenda, was
back in the capital yesterday to face
the wrath of angry residents.
He was heckled by a crowd in
Battersea while on a walkabout to
assess the damage, with one resident
shouting: You should have been here
three days ago. Nick Clegg, the
deputy Prime Minister, was also booed
at an event in Birmingham.
Meanwhile, the Prime Minister
called for more robust police action
in response to the lawlessness plagu-
ing London.
The Met said 16,000 police officers
were on duty last night compared
to 6,000 on Monday after it cancelled
all leave, although it is not clear how
many of those were actually on the
front line.
Scotland Yard authorised its officers
to use every available force, including
possible use of plastic bullets.
BY DAVID CROW
POLITICS
Britains in crisis:
the real causes of
chaos on streets
F
EAR. Debilitating, widespread
fear. The country held to ransom
by feckless youths. Thousands of
shocked Londoners cowering in
their homes, with many shops, banks
and offices shutting early. I cannot
remember anything like it; the atroci-
ties of the 7/7 terror attacks, the shock
from 9/11 and the IRAs repeated ter-
rorist attacks had a chilling, devastat-
ing effect on the capital but it felt
different this time. Usually peaceful
suburbs were under siege; meanwhile,
there was increasing violence in other
towns. The government belatedly
appeared to regain control in London
but the electorates trust that the cav-
alry would show up if they call 999 has
been shattered. It no longer feels as if
we live in a civilised country.
The cause of the riots is the looters;
opportunistic, greedy, arrogant and
amoral young criminals who believe
that they have the right to steal, burn
and destroy other peoples property.
There were no extenuating circum-
stances, no excuses. The context was
two-fold: first, decades of failed social,
educational, family and microeconom-
ic policies, which means that a large
chunk of the UK has become alienated
from mainstream society, culturally
impoverished, bereft of role models,
permanently workless and trapped
and dependent on welfare or the shad-
ow economy. For this the establish-
ment and the dominant politically
correct ideology are to blame: they
deemed it acceptable to permanently
EDITORS LETTER
ALLISTER HEATH
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
chuck welfare money at sink estates,
claiming victory over material poverty,
regardless of the wider consequences,
in return for acquiring a clean con-
science. The second was a failure of
policing and criminal justice, exacer-
bated by an ultra-soft reaction to riots
over the past year involving attacks on
banks, shops, the Tory party HQ and so
on, as well as an official policy to shut
prisons and reduce sentences.
Criminals need to fear the possibility
and consequence of arrest; if they do
not, they suddenly realise that the
emperor has no clothes. At some
point, something was bound to hap-
pen to trigger both these forces and for
consumerist thugs to let themselves
loose on innocent bystanders.
But while all three main parties are
responsible for flawed policies that
have fuelled this growing underclass
at a time of national prosperity 5.5m-
6m adults now on out of work bene-
fits, a number that has been roughly
constant for over two decades the
argument made by some that the riots
were caused or provoked by cuts,
university fees or unemployment is
wrong-headed. Just because someone
is in personal trouble doesnt give
them the right to rob, attacks or riot.
In any case, the state will spend 50.1
per cent of GDP this year; state spend-
ing has still been rising by 2 per cent
year on year in cash terms. It has never
been as high as it is today in fact, it is
squeezing out private sector growth
and hence reducing opportunities and
jobs. Many of the vandals were school
children not yet in the labour market;
unemployment is a tragedy that must
be fought but 9, 10 or 14 year olds cant
be pillaging because of it. Equally trag-
ically, most of the older rioters would
never have any hope of going to univer-
sity, regardless of cost, such is their
educational poverty.
What they wanted is free money
and free goods and so they helped
themselves. They were driven by greed,
a culture of entitlement, of rights
without responsibility, combined with
a complete detachment from tradi-
tional morality, generalised teenage
anger and a sense that anything goes
in the current climate. This wasnt a
political protest, it was thievery. It is
true, however, that proper welfare,
educational and economic reforms
may cost money short term; and of
course the coalitions desire to protect
so many departments, its failure to
root out waste, its refusal to broaden
the sources of financing of public serv-
ices, its desire to increase foreign aid
and its acquiescence to handing more
cash to the EU has forced it at times to
propose the wrong kind of cuts.
Obviously spending on law enforce-
ment and prisons needs to be
increased. Figures of authority teach-
ers, parents and the police must
again be given the power to act. We
need to see New York style zero toler-
ance policing, with all offences, howev-
er minor, prosecuted. But what
matters right now is to regain control,
to stamp out the violence and to arrest,
prosecute and jail as many thugs as
possible. The law-abiding mainstream
majority feels that it has been aban-
doned and betrayed by the establish-
ment and is very, very angry. Boris
Johnson and David Cameron must
urgently deliver or their careers will be
over and deservedly so.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
WHAT CAN THE POLICE DO TO RESTORE ORDER?
Q.
CAN MORE PEOPLE COMMITTING
CRIMINAL ACTS BE DETAINED?
A.
For every arrest made, the police
have to follow certain procedures,
including presenting the detainee at a
police station and justifying the
arrest taking officers off the street
for several hours. The government can
suspend procedures to keep officers
active, but will be reluctant to be seen
enforcing emergency legislation.
Q.
WHAT EXTRA MEASURES ARE
AVAILABLE?
A.
The Met has said that rubber bul-
lets are available, and will be used
if deemed necessary. Police could
use water cannons to disperse crowds,
but this could be badly received as
such measures have not been used in
the UK before. It may also be difficult
to get cannons to the UK, as there are
just six, all in Northern Ireland.
Q.
COULD THE ARMY BE DEPLOYED?
A.
Though community leaders have
called for army backup to support
police, it could cause
more trouble than
its worth. The army is
trained for military com-
bat rather than civil unrest, and with-
out firearms its difficult to know how
they could be armed.
Q.
WHAT ABOUT A CURFEW?
A.
A great idea in theory, but would
be incredibly difficult for an
already stretched police force to imple-
ment and enforce.
Q A
&
Osborne has broken off his US vacation
Picture: Coleman-Rayner
Clear Diamonds Global Attachment Clear Diamonds Global Attachment Local
LONDON MANCHESTER
In Birmingham, police struggled
to contain a string of looting and
violent incidents across the city
Pictures: REUTERS & GETTY
Manchester
police faced
down thieves
and thugs in
the city centre
Picture:
GETTY
Clear Diamonds Global Attachment Local
BIRMINGHAM
BLACKBERRY-maker RIM yesterday
faced calls to disable its Messenger
service as the role of technology and
social media in the riots continued to
come under scrutiny.
Tottenham MP David Lammy said
BlackBerry Messenger (BBM) is one
of reasons why unsophisticated crim-
inals are outfoxing an otherwise
sophisticated police force.
The service, which is popular with
teenagers, can be used by groups but
is not as easy to track as networks
such as Twitter or Facebook.
RIM said it is co-operating fully
with the Home Office and police
forces but did not block access.
The company also found itself vic-
tim of hackers, furious that it was
working with police. Its website was
vandalised with a message: If you
assist the police you will regret it.
We have access to your database,
which includes your employees infor-
mation [and] will pass it onto rioters.
Meanwhile, a 22-year-old was
arrested yesterday for inciting public
disorder after allegedly setting up a
Facebook page encouraging people to
riot in Warrington, with police say-
ing they will take action against any-
one found using social networks to
incite violence.
Police forces also began to use
social media to fight back against
rioters, uploading images of suspect-
ed troublemakers onto a Flickr photo
gallery and appealing for informa-
tion through Twitter.
Communities also used Twitter to
set up riot clean-up groups, using the
hashtag #riotcleanup.
BY STEVE DINNEEN
LONDON RIOTS
RIM faces calls to ban Messenger as

social media comes under scrutiny
Lawless London
CITYA.M. 10 AUGUST 2011 3
CITY VIEWS: SHOULD BBM BE SHUT DOWN? Interviews by Phoebe Torrance & Helen Thompson
I don't think that shutting them down
is the right solution. It would not prevent
kids doing silly things. In a democracy it
would be bad precedent and breach
freedom of speech.
CHE SIDANIUS | BANK OF ENGLAND
It would be an infringement on every-
ones civil liberties to shut the social
media sites down. To be honest I don't
think censorship would the solve prob-
lem anyway.
No, only a small percentage are using it to publicise the rioting, so therefore shutting it down would
not have a very big impact on what is really going on.
LIAM TUCKER | CHAUCER
Londoners came together to clear up the mess created by riots, yesterday, such as one
group of residents in Hackney (above). Fires had devastated buildings thoughout the city,
destroying premises near Reeves Corner in Croydon (left) and leaving the Fire Brigade to
extinguish the flames throughout yesterday (below). Pictures: PA, REX
* These views are those of the individuals above and not necessarily those of their company.
CHRIS SEVENOAKS | EMERALD
Local Attachment Checked Out Status Name Pub Date
BANKS in Europe appear increasingly
reluctant to lend to one another, dan-
gerously mirroring scenes last wit-
nessed in the credit crisis of 2008.
So far the strains have been more
pronounced in Europe rather than
the dollar market, with EURIBOR
interbank lending spreads over
overnight index swaps having
widened to post-financial crisis levels
and more banks stashing funds with
the European Central Bank (ECB).
The typical barometers of dollar
funding -- FRA-OIS spreads, front
Eurodollar futures and two-year swap
spreads -- showed some deterioration
during the worst of the stock market
rout but recovered as equities
rebounded.
What we are seeing right now is
the typical sort of funding concern
story that is playing out in the money
markets, said Michael Turner, a
fixed-income and currency strategist
at RBC Capital Markets in Sydney.
Compared to what happened back
in 2008, we are not at those very
extreme levels but we have to watch
the direction. The general advice to
clients is to keep things tight and
keep risk to the minimum for the
time being, Turner said.
Cash is not circulating in a regular
fashion in the Eurozone as jitters
about the debt crisis grow.
Banks deposited 145bn at the ECB
overnight on Monday, a one-year
high, figures showed yesterday.
Evidence of money market ten-
sions has been widespread. Banks
took a larger-than-expected 157bn in
the ECBs handout of seven-day fund-
ing yesterday.
The EURIBOR rate itself came down
slightly yesterday, as the ECB said it
was actively purchasing Italian and
Spanish bonds.
Lending dries
up between
Euros banks
The UKs top share index the FTSE 100
bounced off 13-month lows yesterday
ahead of the US Feds announcement,
which dealers hoped would calm
nerves over global debt and growth
problems.
The UK benchmark index rose 95.97
points, or 1.9 per cent, to 5,164.92,
snapping a losing streak that has
stretched back over the last seven trad-
ing sessions. At one point in the morn-
ing the index fell below 5,000 for the
first time since September 2009.
The violent swings suggested
investors remain wary against an
uncertain economic backdrop.
It is important not to get too excit-
ed by the gains on the FTSE however,
warned Joshua Raymond of City
Index.
In the last two weeks the UK index
has lost a massive 20 per cent to these
lows. There has been no swift change
in market sentiment from negative to
positive, he said.
The volatility was echoed in the US
markets, which swung back and forth
several times during Fed chairman
Ben Bernankes speech.
The CBOE Volatility Index, also
known as the VIX, fell 14 per cent yes-
terday, but it was still up more than 60
per cent so far this month.
UK shares rally after falling
below the crucial 5,000 level
BY HARRY BANKS
EUROZONE ECONOMY
BY DAVID HELLIER
STOCK MARKETS
News
How well have British politicians
dealt with the riots in London?
Apply to join today at www.cityam.com/panel
This week, were asking members of
our Voice of the City panel to rate
the performances of Prime Minister
David Cameron and London Mayor
Boris Johnson with regard to the
London riots. We also want to know
how well George Osborne has dealt
with the crisis that has engulfed
world financial markets for the best
part of a week.
Well also be asking whether, in
light of the London riots, the govern-
ment should review its plans to cut
the Metropolitan Police budget.
Meanwhile, we want to know how
disruptive readers feel the riots have
been, and to what degree they have
damaged Londons global image.
To answer these questions and
others like them, apply to join the
panel by 12pm today at
www.cityam.com/panel
PoliticsHome.com PoliticsHome.com
In association with
PoliticsHome.com
In partnership with
BOFA CHIEF FACES CRUCIAL CALL
WITH INVESTORS
Brian Moynihan, chief executive of
Bank of America, faces a crucial con-
ference call with investors today, after
a sharp decline in the banks share
price and questions over its exposure
to mortgage losses and litigation.
WHAT THE OTHER PAPERS SAY THIS MORNING
FALL IN CITY RECRUITMENT AS
LLOYDS AXES MORE OF ITS STAFF
City recruitment fell 11 per cent in
July, confirming warnings from bank
bosses that they would slash head-
counts. Separately, Lloyds said it
would axe 1,300 head office, brand
and business support roles.
AOL SHARES TUMBLE AFTER AD LIFT
FALLS SHORT OF EXPECTATIONS
Shares in AOL hit an all-time low yes-
terday, despite increasing quarterly
advertising revenues for the first time
in three years. The group grew adver-
tising revenues by 5pc to $319m
(197m) for the quarter to 30 June.
WELLS SNAGS IRISH PORTFOLIO
Wells Fargo & Co is the winning bid-
der for Bank of Irelands $1.4bn US
commercial-real-estate loan portfolio,
according to people familiar with the
matter, marking the latest sale of US
real-estate debt by a troubled Irish
bank.
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CRASHING equity prices over the past
two weeks have caused fund managers
to re-enter the market as bargain
hunters, it emerged yesterday.
Markets rallied after six sessions of
selling amid signs investors were tak-
ing advantage of ultra-low prices.
Multi-asset fund managers at
Fidelity, Schroders and BlackRock said
a return to the markets made sense
after the FTSE 100 dropped 20 per cent
in two weeks.
The recent market turbulence has
left some assets looking quite cheap,
said Johanna Kyrklund, Schroders
head of multi-asset investments. In
the short term, we think there are
opportunities.
BlackRock investment strategist
James Holt said he was investing his
profit from gold and bonds in equities.
As the market goes lower, we will
be nibbling into the market each day.
Our bonds and gold holdings will be
doing well, but when we are rebalanc-
ing, we will be rebalancing into equi-
ties, he said.
Fidelitys head of multi-asset funds
Trevor Greetham said dividend yields
compared favourably with the
income available on the government
bonds to which nervous investors are
flocking.
But Paul Duncombe, Schroders
head of multi-asset investment solu-
tions, said gold remains a valuable
diversifier in our portfolios.
Equities have sold off heavily and
look attractive on a valuation basis,
he said, but we believe there are still
too many risks out there to be making
major shifts from safe haven assets to
risky assets at this point in time.
Fund managers
eye bargains as
stocks stay low
BY ALISON LOCK
CAPITAL MARKETS
News
Healthy corporates make a good buy
IT was heartening to see the FTSE 100
close in the black yesterday, in the
first sign that investors are starting
to return their focus to market fun-
damentals after the panic selling of
recent sessions.
The past two weeks have cut the
level of the FTSE 100 by a fifth and
many of its constituents are down
more than that, as investors have
ploughed their money into bonds
and highly-priced gold.
High time, then, that savvy fund
managers say they are starting to
return to equities to snap up well
capitalised, strongly growing compa-
nies that yield high dividends.
As Fidelity said yesterday, price to
earnings ratios were looking low
before the latest sell-off. The slump
of the past few days, combined with
hefty profit rises since the start of
the year, means many FTSE 100
stocks now boast p/e ratios of less
than half their 20-year averages.
FTSE 100 company earnings per
share have jumped 27 per cent since
the start of the year. From insurers to
hotel operators, property developers
to telecoms providers, firms have
stormed ahead, despite fears over
global growth. They are cash rich,
growing without using debt, and
snapping up rivals.
Dividend yields are also high, as
shareholders press boards to either
use or return the cash piles they
have accumulated.
There are still plenty of risks to the
downside, as Europe and the US
problems are far from resolved. But
fund managers say the market has
priced in much of the bad news now,
while golds high price makes it a
tough buy. While nobody is abandon-
ing safe havens yet, now could be
right to buy.
BOTTOMLINE
Analysis by Alison Lock
A WIDENING trade gap and weak
manufacturing figures provided
gloomy news for the economy yes-
terday, yet a leading think tank said
that GDP bounced back in the three
months to July.
The economy grew by 0.6 per cent
in the three months to July, the
National Institute for Economic and
Social Research (NIESR) calculated
up from official figures that showed
just 0.2 per cent growth in the three
months to June.
Yet while special factors in April
such as the royal wedding and a
cluster of bank holidays were partly
blamed for the sluggish 0.2 per cent
expansion, it also flatters the rate
of growth in the three months to
July, NIESR explained.
Meanwhile, official data showed
that the countrys trade deficit grew
to 4.5bn in June, from 4bn in May.
The visible trade deficit with
countries outside the European
Union spiked to 5.7bn, from
5.1bn in May.
The widening trade deficit is like-
ly to disappoint the government
and Bank of England, which have
been relying on strong export-driv-
en growth in manufacturing in
2011 to fill the gap created by slower
government spending and belt-
tightening by consumers.
Recent slower global growth and
an increasing worrisome outlook is
taking a toll on export orders, said
IHS Global Insights Howard Archer.
In Germany. the trade surplus
narrowed to 11.5bn in June, from
12.9bn in May. German exports fell
by 1.2 per cent in June, compared to
the previous month.
UK manufacturing shrank by 0.4
per cent in June, separate figures
from the Office for National
Statistics (ONS) revealed yesterday.
A two per cent jump in utilities
output prevented the wider indus-
trial production figure from dip-
ping the index of production was
flat on the previous month, yet still
1.6 per cent down in the second
quarter, compared with the first.
This decline subtracts three basis
points from the preliminary GDP
estimate, tempering the probability
of an upward revision, commented
Nomuras Philip Rush.
Trade gap grows as
manufacturing dips
BY JULIAN HARRIS
UK ECONOMY
RIOTS across London and other UK

cities over the past four days caused
well over 100m of damage to
property and businesses, the insur-
ance industry said yesterday.
As residents and business owners
across the capital and cities such as
Birmingham, Leeds and
Nottingham counted the cost of
days of wrecking and looting, insur-
ers raised their estimates for the
total cost of the damage.
The Association of British
Insurers initially said the cost of the
riots to insurance companies would
reach at least tens of millions of
pounds, but after a day of claims
calls into its member companies it
raised the total by a factor of ten.
It is too early for us to have an
accurate picture of total costs, espe-
cially business interruption costs,
but insurers are expecting signifi-
cant losses, said the ABIs director
of general protection and health
Nick Starling.
Insurers must bear the full cost of
the claims unless the government
designates the violence since
Saturday as a civil unrest under
the Riot Act, in which case they can
claim back the cost of most claims
from a public fund.
Commercial UK insurers such as
Aviva and RSA, which cover cars,
homes and business properties, will
bear the brunt of claims, which will
cover fire, looting or damage to
homes and cars.
Neither firm would comment on
the level of claims received so far.
Starling said business insurance
policies should cover damage to
premises but may also cover inter-
ruption to business as a result of
ongoing violence.
Riot and looting damage will cost
UK well over 100m, insurers say
INSURANCE
News
LONDON: CLOSED FOR BUSINESS
l Shops on St Johns Road, Clapham, in the aftermath
of rioting overnight on Monday Picture: Rex
ad
th
in
be
hat
lly
.
a
he
UK
eo-
to
ail
no-
SCORES of shops across London were
closed for business yesterday as the
threat of rioting and looting remained
high, and home secretary Theresa May
met with industry leaders in an attempt
to reassure them that extra efforts were
being made to protect retailers.
May met with business chiefs yester-
day afternoon including the British
Retail Consortium (BRC) and the
Association of Convenience Stores
(ACS) to answer their concerns after a
third night of looting and vandalism
across the capital.
Last night, grocer Sainsburys said it
had closed most of its stores within the
M25 by 6pm as a result of police
advice. Sixteen of the companys shops
experienced serious incidents during
the disturbances on Monday night and
several remained closed yesterday.
Tesco also confirmed a number of
stores had been affected, and the ASC
said that 93 of its members had been
hit, either in direct attacks or because
wholesalers could not get deliveries
through.
Staff at Sony were still unable yester-
day to enter the companys CD and DVD
distribution centre in Enfield that was
destroyed in an arson attack overnight
on Monday.
Even businesses in the City which
has been untouched by the riots so far
were taking precautionary measures
last night, as several stores in the One
New Change centre told City A.M. they
were closing early and sending staff
home.
The City of London said there was no
need at present to close anything early.
But were taking proper measures,
said a spokesman. Asked why the City
had so far been unscathed by the riots,
he said: Weve got our own police force
and the area inside the City is the most
CCTVd environment in the world.
A BRC spokesman said the emergency
meeting with the home secretary had
addressed all the points it raised, with
reassurance that extra policing was in
place and those arrested would be
detained rather than bailed.
But the spokesman added: What
matters is action to ensure that actually
happens, and we get the right results.
Meanwhile, economists painted a
downbeat picture of the effect that the
riots could have on the struggling UK
economy.
The downside of the riots is that
people may be deterred from coming to
London, so they could be bad for retail
sales, IHS Global Insights chief econo-
mist Howard Archer told City A.M.
BY ELIZABETH FOURNIER
LONDON RIOTS
Markets tumbling?
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and shares with the UKs No.1 CFD provider*.
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RIGHTMOVE
IN WRONG
MOVE AFTER
RIOTS GAFFE
RED FACES at Rightmove, after the prop-
erty website waded into the online chat-
ter about the London riots with a
horribly misjudged Facebook and
Twitter message about house prices.
Are the riots affecting where you live?
Rightmove asked its 13,600 followers
as buildings burned, shops were
looted and families feared for the
safety of their children. What do
you think will happen to house
prices in those areas?
But no-one was in the mood to
discuss property valuations. You
are not serious? retweeted one
outraged follower, sparking a social
media backlash that led to the offend-
ing post being deleted and a tor-
rent of grovelling tweets from
Rightmove.
We should have known bet-
ter, backtracked the FTSE 250
business on its badly thought
through strategy. Apologies
all, the company added later.
That was a stupid message for
us to send out. We are incredi-
bly sorry if and where we
wasnt a huge win but it was better than
nothing, said Scott, after standing drinks
all round for his IFA guests.
IN MEMORIAM
STAFF at First Columbus are determined
to continue the build the business with
the same passion shown by its founder
John Nuttall, after the firms charismatic
managing partner passed away last
Thursday after suffering a cardiac arrest.
Nuttall, who died aged just 39, will be
greatly missed at the broking and adviso-
ry firm he founded in 2006, following
seven years at Panmure Gordon/WestLB
and four years at Investec Securities.
Johns dynamic approach to life was
an inspiration to all around him, said
First Columbus as it notified the City of
the loss. He was warm, charismatic, loyal
and profoundly generous, and he had
time and an ear for all. Arrangements for
a memorial service, to be held next week,
will be announced shortly.
caused offense [sic].
It demonstrates the ego of
Rightmove that they thought
they could use the riots as an
opportunity to discuss house
prices, commented one prop-
erty source to The Capitalist.
Rightmove founder
Harry Hill (pictured
left) may have the
last laugh
though: shares
in his company
last night
climbed 21
points to close
1.98 per cent up.
All publicity is
good publicity
HORSE TRADERS
TO ROYAL Windsor Racecourse for a night
of gambling on the horses with Vestra
Wealth, hosted by managing partner
David Scott and investment manager
Andrew Palmer following one of the most
volatile trading days of the year.
No-one is making any money any-
where else so we took some of our clients
racing to make some money there, said
Scott on the low-key Monday night out
designed to balance out what had been a
very depressing day.
As in the City, the financial gains were
modest, with Scott enjoying a 20-1 win
with a 20 stake on Joe Packet in the
Vestra Wealth Management Handicap. It
Fiddling while
London burns:
Rightmove was forced
to apologise after an
ill-judged online post
on the riots (retweet
pictured below)
sparked a social
media backlash
Save Time - Order Direct at www.dfs.co.uk or call Free on 0800 110 5000 24 hours a day 7 days a week
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The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 10 AUGUST 2011
Inspirational: First Columbus founder John Nuttall
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OIL giant BP has launched a case
with the Stockholm court of arbitra-
tion against one of the shareholders
in its Anglo-Russian TNK-BP joint ven-
ture, echoing the two sides tussle
over Rosneft earlier in the year.
BP filed a claim last week against
Renova, part of the Alfa-Access-
Renova (AAR) consortium that con-
trols half of TNK-BP, for violating an
existing shareholders agreement by
operating independent gas and fuel
firms in Russia and Ukraine.
A spokesperson for Renova told a
Russian newspaper yesterday that
the group denied it had violated the
pact, but confirmed that BP was seek-
ing arbitration.
The latest dispute is part of a long-
running conflict between BP and the
Russian billionaire investors in the
TNK-BP joint venture, who in January
claimed BP had breached its own
shareholder agreement in their pur-
suit of the Russian state oil firm
Rosneft. The $10bn share swap agree-
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BP declined to comment due to the
confidential nature of the arbitra-
tion process. Renova was unavailable
for comment.
BPs $7.2bn (4.4bn) purchase of
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BY KASMIRA JEFFORD
ENERGY
News
MORE NEWS
ONLINE
@
www.cityam.com
HSBC yesterday said it was in talks
to sell its US credit card and retail
services business, to a buyer
believed to be Capital One.
HSBC had flagged the sale of the
business since May, when chief
executive Stuart Gulliver
announced a $3.5bn (2.1bn) global
cost cutting programme.
Sources close to Capital One said
the two sides are nearing a deal
that would transfer HSBCs $30bn
cards business over to the US lender.
The cards division made a pre-tax
profit of $306m in the first quarter
of 2011, down 15 per cent on the
same period in 2010.
HSBC confirms that it is in dis-
cussions regarding a possible sale of
the business. These discussions are
ongoing and no decision has yet
been made to proceed with any
transaction, HSBC said in a state-
ment yesterday.
HSBC kicks off talks over
sale of US cards business
HSBC chief executive Stuart Gulliver is selling the firms card division Picture: REUTERS
BY ALISON LOCK
BANKING
DAVID JOYCE | MILLER TABAK & CO

INTERCONTINENTAL Hotels Group
yesterday gave an upbeat half-yearly
update as online booking and the
return of the business traveller
helped improve earnings.
The worlds biggest hotelier beat
half-year earnings forecasts with a 23
per cent rise in profit.
The group, which owns the Holiday
Inn, Crowne Plaza and
InterContinental brands, also saw
stronger bookings and room rates in
the US, which accounts for around
two-thirds of group profit, while it
reported strong growth in China.
IHG chief executive Richard
Solomons, who took over from for-
mer boss Andrew Cosslett in July, said
that in the full year 100m of sales on
Apps would have been made.
People are booking on Apps at the
last minute and this is helping our
business. We are trading well in diffi-
cult times, the firm said.
First half operating profit hit
$269m (164m) compared to a compa-
ny-compiled consensus of $256m,
while half-year sales rose 10 per cent
to $850m.
The half-year dividend rose 25 per
cent to 16 cents. The group said first-
half global revenue per available
room (RevPAR), a key industry meas-
ure, grew 6.7 per cent, with an 8.2 per
cent rise in the United States, while
global RevPAR rose 5.6 per cent in
July.
The company, which has recently
completed an overhaul of its Holiday
Inn brand, said it was now targeting
changes at its Crown Plaza branches.
Up to 40 will close, and company
chiefs are now hammering out
details of how to breathe new life into
the rest of the hotels. IHG, which is
pinning its growth hopes predomi-
nantly in India and China, said that
events in the Middle East, Japan and
New Zealand hit profits by $7m.
On the crisis in global markets,
Solomons said: People need certain-
ty and governments need to act to
provide that.
IHG beats its
forecasts as
revenue rise
BY JOHN DUNNE
LEISURE
News
DAWSON HIT BY CASHMERE COSTS
DAWSON International yesterday warned that rising raw material prices are reducing
its margins particularly in its US knitwear businesses. Dawsons results for the 15
months to 2 April showed sales of 1.6m compared with 2.6m in the same period last
year and an operating loss of 1.7m compared with 1.5m.
Murdoch to face second grilling
RUPERT Murdoch will be forced to
face more questions over the phone
hacking scandal tonight, this time
from analysts and journalists on the
firms full year results conference call.
The tycoon faces a grilling on the
ongoing controversy, with US analysts
keen to pin the company down on the
amount News Corp is setting aside for
legal costs.
They are also looking for further
assurances that News Corps US assets
are not drawn into the fray, especially
in light of allegations that the voice-
mails of 9/11 victims and their families
were hacked.
However, sources close to the firm
say Murdoch is unlikely to make the
same grovelling apology witnessed at
last months media select committee
hearing. Murdoch, who has not
appeared on a results call for the last
three quarters, is desperate to steady
the ship after a string of top lieu-
tenants were drawn into the scandal,
including Dow Jones chief executive
Les Hinton and News International
boss Rebekah Brooks.
News Corp is expected to raise its
quarterly dividend.
BY STEVE DINNEEN
MEDIA
BAKERY chain Greggs has seen sales

growth slow after a challenging
first half, it said yesterday. The baker,
known for its sausage rolls and steak
bakes, recorded sales growth of just
0.4 per cent in the 26 weeks to 2 July,
down from 0.8 per cent in the first 18
weeks of the year.
But total sales jumped 4.2 per cent
to 335m on the same period last
year, while pre-tax profit for the first
26 weeks of the year rose to 24.71m,
up 33.1 per cent from 18.57m.
Greggs sales
growth slows
RETAIL
YOUNG & Co is to quit brewing beer

after 180 years. It said yesterday it
would sell it 40 per cent stake in the
Wells & Youngs Brewing Company to
Charles Wells. The deal is worth
15m, to be paid in two instalments
in February 2013 and February 2014.
Youngs said it would now concen-
trate on managing its pubs business,
which is focused in London and the
south-east. A supply arrangement will
ensure that the beers are still served
in Youngs pubs.
Youngs stops
brewing beer
CONSUMER
WHAT WILL ANALYSTS BE ASKING MURDOCH?
THOMAS EAGAN | COLLINS STEWART

We need to hear more about [chief operating officer] Chase
Carey. Could they break up the chairman and chief executive roles?
[A key question is] if there has been any advertiser concern

about the issue spilling into other assets in the US.
CLAIRE ENDERS | ENDERS ANALYSIS

The big question is going to be what provision News Corp is making
for phone hacking legal costs. Corporate governance will also be on the agenda.
ANALYSIS l News Corp

$
3Aug 4Aug 5Aug 8Aug 9Aug
16.50
15.50
14.50
14.55
9 Aug
DETAILED plans on how banks should
wind themselves up or change shape
to stay afloat in a crisis were set out by
the City regulator yesterday.
The Financial Services Authority is
making all UK banks draw up two liv-
ing wills by the end of 2012 to cope
with future shocks, though it expects
the biggest to have such plans in place
by the end of next June.
Recovery plans, to stabilise banks
suffering extreme shocks should
include radical strategies banks would
not normally consider, such as selling
all or parts of the group; cancelling
dividends and bonuses; and raising
emergency equity or debt exchanges,
the FSA said.
Plans to wind up a failing bank
should make sure critical economic
functions continue or are resolved,
while non-critical ones fail safely.
CMS Cameron McKenna partner
Simon Morris said the FSA had left
the door open to forcing banks to
commit to dropping risky lines of
business in their recovery plans.
We can expect it to be flexing its
judgmental muscle over the coming
months as it requires banks to jettison
financing or trading activities that
might hinder rapid recovery in trou-
bled times, he said.
The proposed resolution rules also
means the FSA could force banks to
break up in the space of a weekend
should another crisis happen.
The FSA will have the power to
require a bank change the way it oper-
ates here and now to remove potential
obstacles to rapid resolution, Morris
said.
The British Bankers Association said
it was crucial the FSA got the regula-
tion right. We will be reviewing the
FSAs proposals closely to ensure they
would be effective and they would
align with international regulatory
reforms, it said.
The FSAs rules will cover all banks
holding more than 15bn in assets,
and be imposed on top of Europe-wide
resolution rules.
FSA sets out
rules on bank
living wills
BY ALISON LOCK
REGULATION
News
NEWS | IN BRIEF
Goldman sued for mortgage bonds
Goldman Sachs was sued by US federal
regulators yesterday for allegedly violating
federal and state laws over the sale of
mortgage-backed securities to now-failed
corporate credit unions. The National
Credit Union Administration filed suit
against the investment bank for damages
in excess of $491m, the fourth in a series of
lawsuits aimed at recovering almost $2bn
from sellers and underwriters of question-
able securities, the watchdog said.
Nuclear cuts hit RWE figures
German nuclear group RWEs first-half
core net profit has fallen 40 per cent, hit by
a government decision to phase out
nuclear power and unprofitable gas sales,
highlighting the problems faced by the
firms new chief exec-designate. Germanys
largest power producer said yesterday
first-half profit took a 900m (786m) hit
from decommissioning of nuclear power
plants, the write-off of nuclear fuel rods
and a nuclear fuel tax.
Tepco sees 4.5bn quarterly loss
Tokyo Electric Power Co, the operator of
Japan's stricken nuclear plant, reported a
4.5bn quarterly loss, nearly as big as its
market value, due to a massive provision to
compensate victims of the nuclear disaster,
soaring fuel costs and a dive in sales. For
April to June, Tepco reported a net loss of
571.8bn yen (4.5bn), against a 5.5bn yen
loss in the same period last year.
Pearson buys Germanys Stark
PEARSON jumped despite market jit-
ters yesterday after announcing the
acquisition of German educational
materials firm Stark from Syntegra
Capital.
Pearson expects the acquisition to
enhance adjusted earnings and to gen-
erate a return above Pearsons cost of
capital from 2012, its first full year
after acquisition. The purchase is sub-
ject to regulatory approval.
Stark had revenues of 20m (17.4m)
last year, and has gross assets estimat-
ed at 32.6m.
John Fallon, chief executive of
Pearsons International business, said:
Stark is already highly respected by
German teachers, students and par-
ents; with access to Pearsons digital
solutions, it can play a bigger role in
helping students to learn more effec-
tively.
The acquisition, which was for an
undisclosed sum, is the latest install-
ment of Pearsons core growth strate-
gy following the sale of its 61 per cent
stake in Interactive Data Corporation
(IDC) in May 2010.
It has spent more than $1.4bn since
raking in $2bn from the IDC sale.
BY HARRY BANKS
MEDIA
ANALYSIS l Pearson
p
3Aug 4Aug 5Aug 8Aug 9Aug
1,175
1,125
1,075
1,025
1,090.00
9 Aug
DENMARKS biggest lender Danske
Bank took a 4bn crown (472m) hit
from Irish bad debts in the first half
of the year and said the country
remained a challenge, although its
home market stabilised.
Danske, which owns National Irish
Bank and Northern Bank, said its sec-
ond-quarter pre-tax profit rose to
2.08bn crowns from 1.74bn a year ear-
lier.
The bank said the rise was due to
higher than expected trading income
and a 21 per cent fall in bad loans.
Irish debts hit
Danske Bank
BANKING
COMMERZBANKS chief financial offi-

cer Eric Strutz will not extend his con-
tract when it expires next March, the
indebted bank said yesterday.
It is a pity that he is leaving us,
chief executive Martin Blessing said
in a statement. I have a great work-
ing relationship with him.
Commerzbank made no mention
of a possible successor.
Strutz, a member of the board of
managing directors since April 2004,
will remain in place until his contract
expires next year.
Commerzbank
CFO set to quit
BANKING
Paul Idzik (left) and Bob Rickert have both stood down with immediate effect
SHARES in property consultancy
DTZ tanked 4.4 per cent despite the
broader market bounce yesterday,
after its chief executive and finance
director abruptly left the firm and
there was a frustrating lack of
progress in its takeover talks with a
number of suitors.
Paul Idzik, who has served as chief
executive since 2008, and finance
director Robert Rickert have stood
down with immediate effect, unset-
tling the companys board in the
midst of takeover discussions with
largest shareholder Saint Georges
Participations.
SGP first approached the property
firm in May, marking what some
analysts hoped would be a turn-
around for the group following a
heavily-discounted rights issue in
2009 and a profits warning last year.
Paul Idzik believes it is appropri-
ate for a new leadership team to be
put in place and has also decided to
leave the Company at this time, the
firm said in a statement.
DTZs head of UK and Ireland John
Forrester has been promoted to chief
executive and will take a seat on the
board. James Thomson, currently
chief financial officer, will become
finance director.
DTZ shares closed at 32.75p yester-
day, down 4.4 per cent but still above
the 28p trough seen before news of
takeover talks surfaced.
DTZ shares nose-dive as
two top executives quit
BY MARION DAKERS
PROPERTY
UK REVENUES at Deloitte, one of

the Citys big four accountancy
firms, have risen by seven per cent
over the past year, it said yesterday,
returning to growth after seeing
contraction since 2008.
The global firm posted UK rev-
enue of 1.9bn for the year to 31
May, up from 1.78bn in 2010.
Chief executive and senior part-
ner David Sproul said the past year
had seen a robust performance in
challenging and competitive mar-
kets.
The firms consulting and corpo-
rate finance divisions turned in the
strongest performances, with rev-
enue growth of 13 per cent and 11
per cent respectively.
Audit which boosted client
numbers this year with the addi-
tion of Glencore and International
Power to its list was up four per
cent, while the tax division saw
growth of five per cent.
Deloitte increased its headcount
by eight per cent over the year, with
a further 1,200 graduates and
school leavers slated to join the
firm this autumn.
Its equity partnership also
swelled by four per cent, an
increase that Deloitte said had
directly impacted its profit distrib-
utable to partners which fell to
535m from 590m last year.
Outgoing senior partner and
chief executive John Connolly took
home 4.4m in 2011, compared to
5.1m last year.
Profit allocated to David Sproul,
the new senior partner and chief
executive, was 2.6m.
Sprouls upbeat statement also
highlighted Deloittes potential for
expansion, with the firm focusing
its efforts outside its established
markets.
I see opportunities for growth in
sectors and geographic regions
where Deloitte is not currently the
leading professional services
provider, Sproul said.
Deloitte sees
UK revenue
rises return
BY ELIZABETH FOURNIER
PROFESSIONAL SERVICES
News
How BAs rivals measure up
W
ITH the holiday season in full
flow weve taken a look at
how airlines are perceived.
The top six airlines on the
BrandIndex index score (combined for
six key measures) are Virgin Atlantic,
Emirates, British Airways, Qantas,
Singapore Airlines and Cathay Pacific.
The detail reveals an interesting pat-
tern. While UK and Australian firms
perform well overall, they do less well
on proportional scores (just those with
positive or negative opinions).
This indicates that more people use
and are aware of the strengths and
weaknesses of BA, Qantas and Virgin
and are generally positive towards
them, but they cannot compete with
Asian rivals in terms of positive senti-
ment among those that use them.
Satisfaction is a great example.
Looking at the standard chart, BA has
a clear lead on +24. The BA score comes
from 32 per cent of people being satis-
fied and eight per cent dissatisfied.
Compare that with Singapore
Airlines, where seven per cent are satis-
fied and less than 0.5 per cent dissatis-
fied and we see that BA may do better
at getting people on the plane but
Singapore knows how to keep them
happy. This is reflected in the propor-
tional chart showing Singapore,
Emirates and Cathay vying for first
place, Qantas and Virgin slightly fur-
ther back and BA at the still good, but
significantly lower +60.
So in many ways comfort for all of
these airlines: BA still the leading air-
line in the country, but they dont
keep their customers as happy as some
of their smaller competitors. Stephan
Shakespeare is the chief executive of YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l Satisfaction
British Airways
01/06/2011 21/06/2011 11/07/2011 04/08/2011
30.0
20.0
10.0
Cathay Pacific
Emirates Qantas
Singapore Airlines Virgin Atlantic
ANALYSIS l Satisfaction proportional
01/06/2011 21/06/2011 11/07/2011 04/08/2011
100.0
80.0
60.0
40.0
20.0
20.0
British Airways Cathay Pacific
Emirates Qantas
Singapore Airlines Virgin Atlantic
VIRGIN Atlantic pilots voted yesterday
to accept a pay offer from the airline
founded by Richard Branson, putting
an end to the threat of strike action.
The British Airline Pilots
Association (Balpa) said the deal had
provided some improvement on pay,
included a profit share scheme and a
programme to review pilot lifestyle as
well as a commitment on improving
the way management and pilots work
together.
Balpas general secretary Jim
McAuslan said pilots who voted over-
whelmingly in favour of industrial
action in June have now decided to
settle this pay round with the future
in mind.
Now we need to work together
management and association to get
Virgin back to the airline it once was,
he said in a statement yesterday.
Virgin pilots reach a truce with the airline over pay
AVIATION
News
Quilter
The investment manager has strength-
ened its IFA sales team by hiring three
new regional sales managers. Paul Cox,
who will cover Birmingham, joins from
Scottish Widows; Paul Ruscoe, who
will cover Liverpool, joins from Carbon
Footprint Investments; and Andrew
Shirtcliff, who will cover London,
recently ran his own company, Park
Lodge Financial Consulting.
Lloyds Bank Corporate Markets
Keith Underwood has been appointed
as head of FX trading, North America
at Lloyds Bank Corporate Markets.
Underwood joins the bank from FX
Risk Advisors, where he was chief
executive and head of risk.
Cheapflights Media
Alan Martin has taken over as interim
chief financial officer of the media net-
work, following the untimely death of
chief financial officer Simon Bicket.
Martin was most recently interim
finance director for the global brands
division of BBC Worldwide.
Council of Mortgage Lenders
Martijn Van der Heijden, head of lend-
ing at HSBC, has been appointed as the
new chairman of the Council of
Mortgage Lenders. Van der Heijden,
who replaces Colin Walsh of Lloyds
Banking Group, has been deputy chair
of the CML since January 2009.
National Milk Records
The PLUS-quoted milk services suppli-
er has appointed Sandra Pope, the
nominated representative of NMRs
largest shareholder Financial Media
Holdings Limited, as a non-executive
director. Popes other current director-
ships include Cardinal International
and Premier Health Group.
Royal Bank of Scotland
Dan Haxby has been appointed as head
of realisations in the strategic invest-
ment group at RBS, effective from 1
September. Haxby was previously head
of financial sponsors coverage at JP
Morgan.
Baring Asset Management
Faisal Ali has been hired as investment
manager in Barings emerging markets
debt team. Ali joins from Observatory
Capital, where he was a portfolio man-
ager in the emerging markets team.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Wall St rebounds
after volatile day
U
S stocks rallied yesterday in a
volatile session as investors
struggled to decipher the
Fed's signals on the economy
after a dizzying two-week slide.
Buying accelerated into the close
and the S&P 500 posted its best day
in more than two years, following a
drop of nearly 17 per cent over the
past weeks.
The market reversed direction
six times after a Fed statement that
pledged two more years of near-
zero interest rates.
Bank shares roared back from
recent losses with the KBW capital
markets index up 6.7 per cent.
The last three or four weeks, the
stock market has really discounted
a mild recession, said Mohannad
Aama, managing director at Beam
Capital Management.
Now after the Fed announce-
ment, the market has to start fac-
toring in what the response from
the Fed and the government will
be. There is still a small chance for
a fiscal stimulus aimed at job cre-
ation. The FOMC statement today
was positive for equities.
The Dow Jones industrial average
gained 429.92 points, or 3.98 per
cent, to end at 11,239.77. The
Standard & Poors 500 Index rose
53.07 points, or 4.74 per cent, to
1,172.53. The Nasdaq Composite
Index added 124.83 points, or 5.29
per cent, to 2,482.52.
About 16.4bn shares traded on
the New York Stock Exchange,
NYSE Amex and Nasdaq -- more
than twice the daily average so far
this year of 7.75bn.
Advancing stocks outnumbered
declining ones on the NYSE by a
ratio of almost 12 to 1, while on the
Nasdaq, almost five stocks rose for
every one that fell.
The three major US stock index-
es, though, are still in negative ter-
ritory for the year, in spite of
yesterdays strong rally.
At its session low after the Fed
statement, the S&P 500 came with-
in a few points of entering a bear
market or a 20 per cent decline
from its recent closing high set on
29 April.
According to a Reuters poll, the
United States faces one-in-four
odds of slipping back into reces-
sion, though the economic outlook
was seen as raising the likelihood
of new Fed action.
Even some investors hoping for
action from the Fed acknowledged
the central banks options appear
to be limited because the current
crisis is not liquidity-driven, as it
was in 2008.
B
RITAINS top share index
bounced off 13-month lows
yesterday, along with indexes
across the Atlantic, as
investors hoped an announcement
by the US Federal Reserve would
calm nerves over global debt and
growth problems.
There has been some chatter
that the Fed will bring forward the
FOMC meeting to announce QE3
[quantitative easing] to the market.
This is a widely held view at the
moment and can be one of the rea-
sons for an up day, Atif Latif,
director of trading at Guardian
Stockbrokers.
Recent manufacturing and
employment data in the US has
pointed to a slowdown in the
worlds biggest economy, leading
some to fear the country could slip
back into recession
If the US was to fall back into
recession then other countries will
also face the same fate if we com-
pare the ratios of debt to GDP,
Latif said.
Another bout of QE would be
seen as supportive to growth.
While it may well be that the
[economic] numbers improve over
the next few months, the market is
not waiting to find out -- it is now
beginning to price in a double-dip
recession in the worlds largest
economy, said David Miller, part-
ner at Cheviot Asset Management.
QE3 may therefore be closer
than the market has hitherto
believed.
The UK benchmark index rose
95.97 points, or 1.9 per cent, to
5,164.92, snapping a losing streak
that has stretched back over the
last seven trading sessions.
In that period the market had
retreated nearly 14 per cent and
fell more than 20 per cent an
amount experts technically call a
bear market since its July closing
high.
Badly beaten down stocks such
as miners, oil and gas companies
and banks rallied as investors
bought in on what they hoped was
the bottom of the market.
However, the violent swings on
the stock market the index trad-
ed in a near 340 point range yester-
day suggested investors remain
wary against an uncertain econom-
ic backdrop.
For a sustainable rally, the mar-
kets need to see a credible solution
to the euro debt crisis, and until
that happens, markets could fall
further, said Ted Scott, director of
global strategy at F&C.
Scott added, however, that
unlike the 2008 credit crisis, the
valuation floor is not far below
current levels because so much bad
news is already discounted.
Among the top gainers were chip
designer ARM Holdings and engi-
neer Weir Group, which rose 7.7
and 7.8 per cent, having been bat-
tered in recent days.
InterContinental Hotels jumped
8.2 per cent after the worlds num-
ber one hotelier issued a confident
outlook statement and reported
improved first-half trading.
Both Panmure Gordon and
Numis Securities repeated buy
ratings on the stock, while CFD
specialists Prime Markets said
InterContinental was an increas-
ingly compelling leisure sector
play for recovery.
Serco gained 4.9 per cent as
Liberum Capital upgraded its rat-
ing for the outsourcing group to
buy from sell, based on valua-
tion and the resilience of govern-
ment spending.
FTSE bounces up but all eyes
move to Feds announcement
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l British Land
640
600
Jun Jul Aug
p
560
520
528.50
9 Aug
BRITISH LAND
UBS has upgraded the real estate investment trust from neutral to buy
with a 12-month target price of 610p. The broker thinks the groups strategy
has become more appealing in the current low growth, risk averse environ-
ment, coupled with a strong dividend yield. While the firm slightly missed
estimates with its first quarter results, UBS has lifted its earnings per share
forecast on the back of recent acquisitions.
ANALYSIS l Catlin
440
420
400
380
360
Jun Jul Aug
p
370.90
9 Aug
CATLIN
Morgan Stanley rates the insurance group overweight but has cut its target
price from 504p to 490p in light of its recent catastrophe loss estimates. The
broker still thinks the firms risk-reward looks attractive compared to rival
insurers, and is also keen on Catlins dividend yield of 7.7 per cent in 2012 on
present forecasts. Morgan Stanley also notes the firms strong reinsurance
programme to protect its capital base.
ANALYSIS l Cobham
240
220
230
210
200
180
190
27May 16Jun 26Jul 06Jul
p
181.30
9 Aug
COBHAM
Goldman Sachs has upgraded the defence group from neutral to buy with
a raised target price of 225p, giving a potential upside of 27 per cent. While
the broker has a negative outlook on the UK defence sector, it thinks
Cobhams strong balance sheet and robust dividend cover provide a com-
pelling investment case, and expects the firm to bolster its value through bolt-
on acquisitions using its free cash flow or be taken over itself.
ANALYSIS l FTSE
p
18May 28Jun 8Jun 18Jul 5Aug
6,200
5,800
5,400
5164.92
9 Aug
Baker & McKenzie
The law firm has appointed Marc Fvre as a
partner in its energy, mining and infrastruc-
ture (EMI) group. Fvre joins from Freshfields
Bruckhaus Deringer, and is an expert in ener-
gy and infrastructure project development
and finance. He also brings recent experience
of the Middle East, having worked in Abu
Dhabi since early 2009. Fvre becomes the
seventh partner in the firms EMI group,
bringing the total number of partners at
Baker & McKenzie in London to 88.
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19
Wealth Management| Foreign Exchange
A
S WELL as the devastating crash in
equities, commodities have been hit
hard by recent market turmoil.
Both are driven by the public and
private debt burdens on Western
economies combined with declining expec-
tations of the prospects for global growth.
As such, the commodity currencies seen
by many as safe havens have suffered a
flight of capital and will continue to do so
for the foreseeable future.
THE TIES THAT BIND
Chris Beauchamp of IG Index notes that the
Australian and Canadian dollar are driven
by raw materials, with declining copper
and iron prices impacting heavily on the
former and oil prices on the latter. Simon
Smith of FxPro says over the past five years
the Aussie and loonie have become increas-
ingly correlated with global industrial pro-
duction. Falling commodity prices are
hitting the revenues of the key industries
in these countries, slowing economic
growth and increasing the potential for
rate cuts. Smith says with rates at 4.75 per
cent, the Aussie has been a favoured play
on carry trades a weakening economy
will pressure the authorities to cut rates,
further weakening the currency.
BACK TO RED
Unlike many macroeconomists, those at
Societe Generales global strategy team
have been ahead of the curve envisaging
the scenario of another downturn that
most failed to even contemplate. Societe
Generales Albert Edwards famed for his
thesis that global equities are in an ice
age of declining valuations remains bear-
ish. He thinks: The simple fact is that the
The Aussie, loonie
and kiwi are not safe
havens from a global
economic slowdown,
writes Philip Salter
Demand for commodities is cooling Picture: REUTERS
Glacial growth threat to
commodity currencies
W
E ARE on a bumpy road with a very
few spare tires, said Pimco chief
executive Mohamed El-Erian, just
before US equity markets opened
for trade yesterday morning. I couldnt agree
more. Capital markets are in turmoil and the
primary reason for the meltdown is the
absolute lack of confidence in American and
European leadership. The aftermath of the
downgrade of US debt to AA+ along with the
continuous rise in Spanish and Italian bond
yields are clear signs that markets have lost
faith in governments on both sides of the
Atlantic and are now frantically fleeing into
the safety of the Swiss franc.
Last week, I half jokingly noted that euro-
Swiss franc at parity was possible by the end
of this year. With the pair having come within
a few pips of the SFr1.0500 level yesterday,
parity is no longer a laughing matter.
Meanwhile, dollar-Swissie has broken the key
psychological level of SFr0.7500, reaching a
new record low of SFr0.7360. The pair is
grossly oversold and has essentially been a
one-way trade for nearly a month, but there is
little on the horizon to suggest that it can
stage a counter-trend rally.
With President Obama rendered ineffective
by Congress and European leaders unwilling to
accept the reality that in order to maintain a
single currency they need a common
Eurobond, the only source of leadership left is
the US Federal Reserve. Although the impact
of its various quantitative easing (QE) pro-
grammes has been limited at best, Fed author-
ities may have no other choice but to act once
again as the buyer of last resort. Generally, QE
would be viewed as dilutive and therefore neg-
ative for the dollar. However, QEs positive
impact on risk assets will likely outweigh any
concerns over further expansion of the US
monetary base, and dollar-Swissie could finally
rebound on a relief rally in risk.
SWISS FRANC
IS STILL THE
SAFE OPTION
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
global economy is falling back into reces-
sion or indeed is already in recession.
And for those hoping for emerging mar-
ket growth to sustain the global economy,
he cautions that actually emerging mar-
kets are slowing even more rapidly than
developed markets.
SAFE AS SUBPRIME HOUSES
Phil McHugh of CurrenciesDirect points
out that although the US dollar is still cred-
ited with a 60.7 per cent share of global cur-
rency reserves, it is in decline. However, he
notes there is no real current natural alter-
native that can cope with a large swing out
of dollar, so the process is likely to take
time. McHugh though doesnt consider
the Australian and New Zealand dollars as
safe havens and would not recommend a
move into commodity currencies slowing
growth from the US or China would ulti-
mately lead to a sell off in commodity cur-
rencies. Aaron Singh of IFX agrees, saying
the Aussie certainly cannot be called a safe
haven after a near on 10 per cent drop in
just one week, adding with the current
rise in the volatility index, I wouldnt be
surprised to see even further commodity
related sell offs.
So which currency is the safest? Unlike
the euro, the dollar will be around for a
while yet but the safest currency for now
is the one that used to back the current
flock of fiat ones: gold. A real safe haven.
Wealth Management | Foreign Exchange
W
ITH attention being drawn to
cable tomorrow with the BoE
quarterly inflation report,
investors are likely to see a fall in
the sterling-dollar pair. There should be a
further downward revision to the banks
growth forecast. However, inflation itself
should be revised up, at least in the near
term. And with cable under pressure and
challenging its support, a break below it
could see further weakness. Capital
Spreads quotes a price of $1.6280-$1.6282.
Sterling was out of favour with
investors yesterday as concerns over the
London riots gripped currency investors.
Against the euro the pound did particularly
badly, dipping from the 1.1500 mark,
back to around 1.1430. Capital Spreads
quotes a price of 1.1430-1.1433 for ster-
ling-euro
The Swiss franc has rallied against many
of its counterparts and is taking advantage
of its safe haven status. With concerns
over the US economic situation, the sover-
eign debt issues, and speculation that the
FOMC will maintain its stimulus measures,
the dollar especially is trading much weak-
er against the franc. We could expect to
see a further flight to safety in the franc as
this situation continues. Capital Spreads
quotes dollar-Swiss franc at SFr0.7411-
SFr0.7415
Dollar-yen has given back all the gains
it made following the intervention by the
Bank of Japan earlier this month, and once
again shows how they cant seem to stop
the US dollar from gradually getting weak-
er and weaker. Dollar-yen is now back
where it started before the BOJ sold the
yen, and a break below key support could
see us head even lower. Capital Spreads
quotes a price of 77.05-77.06.
Craig Drake
THE TIPSTER INVESTORS
TAKE FLIGHT
INTO THE
SAFETY OF
HAVEN
CURRENCIES
Sterling is no
shelter from
the storm
George Osborne may be some way off
the mark in seeing the UK as a haven
from turmoil, writes Craig Drake
W
ITH the downgrade of US
government debt by
Standard and Poors last
week, and the ongoing
turmoil in the crumbling Eurozone,
George Osborne could be forgiven
for feeling a little bullish in his out-
look for the UK economy, referring
to it as a harbour in a financial
storm. In comparison with the US
debt ceiling bickering and the Club
Med countries kicking the financial
can down the road with one bailout
after another, Britain has pursued a
course of spending cuts which have
been looked upon favourably by the
markets. Britains CDS rates are
lower than Germanys and follow-
ing Osbornes credible approach to
addressing the fiscal deficit,
Standard and Poors took the UK off
their negative outlook, and main-
tained its AAA rating.
But despite this, all is not rosy in
the gardens of Number 11. The
chancellor of the exchequer may say
that the UK is a safe harbour during
this terrible financial storm the
markets are experiencing, but the
fortunes for sterling dont seem to
be getting any better, says Angus
Campbell, head of sales for Capital
Spreads. Yesterday saw a slew of
lacklustre economic announce-
ments with industrial and manufac-
turing figures all coming in under
analysts predictions. As well as
these poor figures, according to
Campbell: The UK has had to deal
with downgrade after downgrade to
its economic forecasts, and so for-
eign investors are still a little unsure
as to how safe their cash would be if
they were to exchange it into ster-
ling.
Sterlings pretensions to the
haven currency throne are quickly
usurped when you look at its per-
formance against established
havens. Real safe haven currencies
such as the Swiss franc have been
appreciating uncontrollably against
most other currencies and the
pound is no different. This year
alone, sterling has given up 17 per
cent to the Swissie says Campbell
Stormy times in the financial markets Picture: GETTY
(see chart, above).
But in comparison to the euro and
dollar, sterling seems to be holding up
much better. According to David
Jones, chief market analyst for IG
Index: My view on sterling, particu-
larly sterling-dollar, has been pretty
much the same all year. Plenty of
volatility with the odd run to test the
$1.7000 area, but ultimately I think
that because the US economy is still a
bit stronger than ours, it will end up
seeing the year out where we are now
at $1.6300.
SFr
2011 18Jul 25Jul 1 Aug 8Aug
1.36
1.32
1.28
1.24
ANALYSIS l Sterling vs Swiss franc
FOREX ANALYST PICKS
FOREX STRATEGIST
JOEL KRUGER
My pick: Looking to sell Swiss francs
Expertise: Technical analysis
Average time frame of trades: 1 day to 1 week
FOREX STRATEGIST
ILYA SPIVAK
My pick: Stay short euro-dollar (stop-loss: daily close above $1.4535)
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
Renewed EU sovereign risk is being compounded by broader risk aver-
sion amid a downward re-pricing of worldwide economic growth
expectations. Investors interpreted the move in terms of its implica-
tions for the global recovery, fearing it would push yields higher and
compound existing headwinds. The dollars safe haven credentials
have allowed it to capitalise on this environment and I will continue
holding short euro-dollar from $1.4328, initially targeting $1.3975.
Markets have a way of accelerating relentlessly at the end of a trend and this
is precisely the type of price action we have been seeing in the Swiss franc, as
the currency rallies to record highs against the euro, dollar and sterling. This
has been one of the most intense trends in recent years and with technical
studies now violently overextended as the market goes parabolic, the risks for
a major reversal have increased dramatically. I am not issuing a formal recom-
mendation yet, but will be on the lookout for a top over the coming days.
FOREX STRATEGIST
JOHN KICKLIGHTER
My pick: Short euro-dollar below $1.4000 and $1.3800
Expertise: Fundamental analysis with risk management
Average time frame of trades: 1 day to 1 week
Markets have been roiled, as building momentum in risk aversion met the
accelerant of an earlier-than-expected US sovereign credit rating down-
grade by Standard & Poors. Though much of the financial trouble seems
to be centred around the Eurozone troubles, my euro-sterling short setup
from last week caught no traction. Alternatively, the New Zealand dollar-
dollar short below $0.86 did play out very well. Now, I am looking for
clarity on euro-dollar with a move below $1.40 and then $1.38.
LON GD ONCE FIX AM...........1770.00 60.25
SILVER LDN FIX AM ..................37.66 -1.64
MAPLE LEAF 1 OZ ....................65.00 -1.00
LON PLATINUM AM................1723.00 7.00
LON PALLADIUM AM...............722.00 -8.00
ALUMINIUM CASH .................2404.50 -20.50
COPPER CASH ......................9038.00 -151.00
LEAD CASH...........................2344.50 -72.50
NICKEL CASH......................22295.00 -790.00
TIN CASH.............................23725.00-1000.00
ZINC CASH ............................2147.00 -112.0
BRENT SPOT INDEX................105.60 -3.02
SOYA .....................................1309.25 -22.25
COCOA..................................2909.00 -27.00
COFFEE...................................234.20 -3.80
KRUG.....................................1789.60 28.40
WHEAT ....................................160.85 3.85
AIR LIQUIDE........................................87.69 1.60 100.65 80.00
ALLIANZ..............................................77.17 0.17 108.85 74.72
ALSTOM ..............................................32.80 1.42 45.32 30.12
ANHEUS-BUSCH INBEV ....................36.60 0.20 46.33 34.56
ARCELORMITTAL...............................16.17 0.14 28.55 15.02
AXA......................................................11.24 0.25 16.16 10.57
BANCO SANTANDER...........................6.35 -0.02 10.18 6.12
BASF SE..............................................52.11 1.12 70.22 40.74
BAYER.................................................45.03 -1.70 59.44 42.08
BBVA......................................................6.31 -0.06 10.63 6.07
BMW ....................................................58.63 3.49 73.85 40.16
BNP PARIBAS.....................................39.34 0.03 59.93 37.39
CARREFOUR ......................................18.55 0.46 36.06 17.36
CREDIT AGRICOLE..............................6.89 0.13 12.92 6.45
CRH PLC .............................................12.47 0.55 17.40 11.51
DAIMLER.............................................38.88 -0.13 59.09 35.77
DANONE..............................................46.50 0.06 53.16 41.00
DEUTSCHE BANK..............................31.08 -0.93 51.61 29.64
DEUTSCHE TELEKOM.........................9.42 -0.34 11.38 8.92
E.ON.....................................................15.53 -0.98 25.54 15.11
ENEL......................................................3.61 -0.03 4.86 3.49
ENI .......................................................12.91 -0.15 18.66 12.50
FRANCE TELECOM............................12.91 -0.30 17.45 12.38
GDF SUEZ ...........................................20.02 0.20 30.05 19.00
GENERALI ASS...................................11.53 0.11 17.05 11.11
IBERDROLA..........................................5.04 -0.02 6.50 4.86
ING GROEP CVA...................................6.19 0.18 9.50 5.55
INTESA SANPAOLO.............................1.31 0.02 2.53 1.14
KON.PHILIPS ELECTR.......................14.52 0.12 25.45 13.38
L'OREAL..............................................76.35 1.31 91.24 71.00
LVMH..................................................111.15 4.00 132.65 89.12
MUNICH RE.........................................91.49 0.42 126.00 86.53
NOKIA....................................................3.59 0.07 8.49 3.39
REPSOL YPF.......................................18.80 0.17 24.90 17.31
RWE.....................................................28.75 -1.95 56.12 28.10
SAINT-GOBAIN...................................34.18 1.56 47.64 27.81
SANOFI ................................................47.26 -0.49 56.82 44.11
SAP......................................................37.40 0.36 46.15 34.13
SCHNEIDER ELECTRIC.....................89.74 4.46 123.65 81.40
SIEMENS .............................................74.24 1.74 99.39 67.82
SOCIETE GENERALE.........................26.02 0.89 52.70 23.70
TELECOM ITALIA..................................0.83 -0.02 1.16 0.78
TELEFONICA ......................................14.15 -0.20 19.69 13.77
TOTAL..................................................33.11 -0.19 44.55 31.56
UNIBAIL-RODAMCO SE...................138.00 8.00 162.95 124.50
UNICREDIT............................................1.07 0.00 2.12 0.97
UNILEVER CVA...................................22.25 -0.16 24.08 20.68
VINCI ....................................................35.25 2.05 45.48 32.12
VIVENDI ...............................................15.53 0.35 22.07 14.73
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5164.92 95.97 1.89
FTSE 250 INDEX . . . . . . . 10090.50 228.53 2.32
FTSE UK ALL SHARE . . . . 2681.60 50.03 1.90
FTSE AIMALL SH . . . . . . . . 730.28 4.57 0.63
DOWJONES INDUS 30 . . 10973.25 163.40 1.51
S&P 500. . . . . . . . . . . . . . . . 1142.55 23.09 2.06
NASDAQ COMPOSITE . . . 2412.79 55.10 2.34
FTSEUROFIRST 300 . . . . . . 947.90 11.61 1.24
NIKKEI 225 AVERAGE. . . . 8944.48 0.00 0.00
DAX 30 PERFORMANCE. . 5917.08 -6.19 -0.10
CAC 40 . . . . . . . . . . . . . . . . 3176.19 51.00 1.63
SHANGHAI SE INDEX . . . . 2526.07 -0.75 -0.03
HANG SENG. . . . . . . . . . . 19330.70-1159.87 -5.66
S&P/ASX 20 INDEX . . . . . . 2427.70 37.30 1.56
ASX ALL ORDINARIES . . . 4096.70 40.00 0.99
BOVESPA SAO PAOLO. . 50869.30 2201.01 4.52
ISEQ OVERALL INDEX . . . 2466.35 70.62 2.95
STI . . . . . . . . . . . . . . . . . . . . 2884.00 -110.78 -3.70
IGBM. . . . . . . . . . . . . . . . . . . 854.28 -3.39 -0.40
SWISS MARKET INDEX. . . 4997.92 29.93 0.60
Price Chg %chg
3M........................................................80.41 1.82 98.19 78.4
ABBOTT LABS ...................................47.98 -0.09 54.24 45.0
ALCOA.................................................11.75 0.42 18.47 9.9
ALTRIA GROUP..................................24.22 -0.32 28.13 22.1
AMAZON.COM..................................198.71 5.01 227.45 122.4
AMERICAN EXPRESS........................43.96 0.92 53.80 37.3
AMGEN INC.........................................49.80 -0.08 61.53 48.5
APPLE...............................................365.04 11.83 404.50 236.7
AT&T....................................................28.00 0.30 31.94 26.2
BANK OF AMERICA.............................6.85 0.34 15.31 6.3
BERKSHIRE HATAW B.......................70.02 3.37 87.65 66.5
BOEING CO.........................................59.74 1.03 80.65 58.6
BRISTOL MYERS SQUI ......................26.68 0.30 29.73 20.0
CATERPILLAR....................................85.59 2.99 116.55 63.3
CHEVRON...........................................92.30 2.05 109.94 72.5
CISCO SYSTEMS................................13.77 -0.17 24.87 13.3
CITIGROUP.........................................30.87 2.92 51.50 26.2
COCA-COLA.......................................64.94 -0.18 69.82 54.9
COLGATE PALMOLIVE......................82.36 -0.44 89.43 73.1
CONOCOPHILLIPS.............................63.86 1.94 81.80 52.0
DU PONT(EI) DE NMR........................45.32 1.26 57.00 38.7
EXXON MOBIL....................................70.73 0.54 88.23 58.0
GENERAL ELECTRIC.........................15.54 0.11 21.65 14.2
GOLDMAN SACHS GRP ..................118.52 0.56 175.34 112.1
GOOGLE A........................................558.11 12.09 642.96 448.0
HEWLETT PACKARD.........................31.13 0.32 49.39 30.6
HOME DEPOT.....................................29.28 0.35 39.38 27.1
IBM.....................................................168.68 2.46 185.63 122.2
INTEL CORP .......................................20.14 0.03 26.78 17.6
J.P.MORGAN CHASE.........................35.52 1.46 48.36 33.6
JOHNSON & JOHNSON.....................61.44 0.32 68.05 56.9
KRAFT FOODS A................................33.70 -0.01 36.30 24.3
MC DONALD'S CORP ........................83.95 1.84 89.57 70.0
MERCK AND CO. NEW......................30.59 0.65 37.68 29.8
MICROSOFT........................................24.73 0.25 29.46 23.3
OCCID. PETROLEUM.........................82.15 2.52 117.89 72.1
ORACLE CORP...................................26.85 0.83 36.50 21.6
PEPSICO.............................................62.67 -0.30 71.89 62.0
PFIZER ................................................17.30 0.64 21.45 15.6
PHILIP MORRIS INTL .........................66.37 0.10 72.74 50.5
PROCTER AND GAMBLE ..................60.01 0.72 67.72 56.5
QUALCOMM INC ................................48.39 1.10 59.84 37.5
SCHLUMBERGER ..............................75.70 2.03 95.64 52.9
TRAVELERS CIES ..............................50.11 1.53 64.17 48.4
UNITED TECHNOLOGIE ....................69.59 -0.15 91.83 64.5
UNITEDHEALTH GROUP...................44.16 2.23 53.50 30.8
VERIZON COMMS ..............................33.14 0.02 38.95 29.1
WAL-MART STORES..........................50.26 1.34 57.90 48.7
WALT DISNEY CO ..............................33.35 0.32 44.34 31.5
WELLS FARGO & CO.........................23.99 1.06 34.25 22.8
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................1.188 0.37
LIBOR Euro - 12 months ................2.081 -0.01
LIBOR USD - overnight...................0.136 0.00
LIBOR USD - 12 months.................0.769 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.700 0.02
European repo rate.........................1.031 -0.06
Euro Euribor ....................................1.281 0.00
The vix index ...................................42.77 -5.13
The baItic dry index ........................1.264 0.00
Markit iBoxx...................................228.12 -0.21
Markit iTraxx..................................139.56 3.84
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4274 0.0116
C/ 0.8799 0.0113
C/ 110.07 0.2790
/C 1.1408 0.0134
/$ 1.6245 0.0067
/ 125.03 1.8828
FTSE 100
5164.92
95.97
FTSE 250
10090.50
228.53
FTSE ALLSHARE
2681.60
50.03
DOW
10973.25
163.40
NASDAQ
2412.79
55.10
S&P 500
1142.55
23.09
RPC Group . . . . . . . . .311.0 9.0 384.8 207.6
Smiths Group . . . . . .995.0 41.5 1429.0 899.0
Brown (N.) Group . . .268.6 -1.1 311.2 221.0
Carpetright . . . . . . . . .584.5 6.0 835.5 555.5
Debenhams . . . . . . . . .59.8 1.3 77.4 53.4
Dignity . . . . . . . . . . . .792.0 -7.5 833.0 633.0
Dixons RetaiI . . . . . . .12.8 0.5 28.5 11.0
DuneImGroup . . . . . .443.5 17.2 550.0 371.3
HaIfords Group . . . . .298.0 1.6 504.5 282.9
Home RetaiI Group . .131.4 7.7 235.0 117.0
Inchcape . . . . . . . . . .314.9 12.1 425.4 253.2
JD Sports Fashion . .914.5 25.0 1030.0 723.5
Kesa EIectricaIs . . . .110.2 -0.1 174.0 105.3
Kingfisher . . . . . . . . .228.4 11.4 287.1 198.5
Marks & Spencer G . .329.8 4.1 427.5 314.0
Mothercare . . . . . . . .375.5 -2.5 627.5 364.8
Next . . . . . . . . . . . . .2226.0 24.0 2426.0 1868.0
Sports Direct Int . . . .220.7 8.2 266.2 101.1
WH Smith . . . . . . . . . .460.2 8.6 523.0 398.2
Smith & Nephew . . . .543.0 12.5 742.0 501.0
Synergy HeaIth . . . . .861.0 -4.0 981.0 660.0
Barratt DeveIopme . . .80.4 1.2 119.0 70.1
BeIIway . . . . . . . . . . . .598.0 4.5 753.5 511.0
YuIe Catto & Co . . . . .176.0 13.0 253.0 135.5
BaIfour Beatty . . . . . .256.6 5.5 357.3 234.6
KeIIer Group . . . . . . .391.5 1.0 698.5 382.0
Kier Group . . . . . . . .1097.0 -3.0 1418.0 970.0
Drax Group . . . . . . . .469.6 -14.4 535.0 353.6
Scottish & Southe . .1203.0 -34.0 1423.0 1108.0
Domino Printing S . .560.0 2.5 705.0 440.0
HaIma . . . . . . . . . . . . .370.3 13.1 429.6 270.0
Laird . . . . . . . . . . . . . .152.7 13.7 207.0 121.1
Morgan CrucibIe C . .269.0 9.5 357.1 189.1
Renishaw . . . . . . . . .1363.0 113.0 1886.0 835.0
Spectris . . . . . . . . . .1299.0 65.0 1679.0 869.5
Aberforth SmaIIer . . .585.0 8.0 714.0 507.0
AIIiance Trust . . . . . .333.8 5.7 392.7 307.6
Bankers Inv Trust . . .367.0 3.5 428.0 348.4
BH GIobaI Ltd. GB .1094.0 9.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.8 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.6 0.2 17.7 15.8
BH Macro Ltd. GBP 1790.0 10.0 1809.0 1630.0
BH Macro Ltd. USD . . .17.4 0.1 17.5 15.8
BIackRock WorId M .676.0 25.0 815.5 554.5
BIueCrest AIIBIue . . .162.4 -1.2 176.2 160.0
British Assets Tr . . . .116.5 1.6 140.5 109.6
British Empire Se . . .472.5 8.7 533.0 422.5
CaIedonia Investm .1571.0 20.0 1928.0 1480.0
City of London In . . .264.0 4.0 306.9 244.6
Dexion AbsoIute L . .136.9 0.4 151.0 134.2
Edinburgh Dragon . .220.5 5.5 262.1 210.0
Edinburgh Inv Tru . . .432.8 5.0 492.2 392.4
EIectra Private E . . .1435.0 -37.0 1755.0 1289.0
F&C Inv Trust . . . . . .281.9 4.9 327.9 263.8
FideIity China Sp . . . . .81.9 1.3 128.7 76.1
FideIity European . .1050.0 27.0 1287.0 937.5
FideIity SpeciaI . . . . .481.0 12.0 595.0 450.0
HeraId Inv Trust . . . . .450.7 10.7 545.5 383.5
HICL Infrastructu . . . .113.0 -1.1 121.3 111.8
Impax Environment . .99.2 -1.2 130.5 93.0
JPMorgan American .761.0 -7.5 916.0 673.0
JPMorgan Asian In . .205.9 -0.5 250.8 195.3
JPMorgan Emerging .510.0 0.5 639.0 487.0
JPMorgan European .759.0 9.0 983.5 641.0
JPMorgan Indian I . . .379.1 13.5 502.0 360.0
JPMorgan Russian .539.0 -6.0 755.0 495.0
Law Debenture Cor . .330.0 2.0 385.0 295.1
MercantiIe Inv Tr . . . .929.5 34.5 1137.0 850.0
Merchants Trust . . . .358.9 10.2 431.8 328.0
Monks Inv Trust . . . .315.9 4.6 367.9 290.0
Murray Income Tru . .590.0 9.0 673.0 548.5
Murray Internatio . . .858.0 -2.0 991.5 817.0
PerpetuaI Income . . .246.0 6.0 276.0 217.8
PoIar Cap TechnoI . . .311.5 0.7 391.2 275.6
RIT CapitaI Partn . . .1207.0 34.0 1334.0 1107.0
Scottish Inv Trus . . . .439.5 10.5 524.0 409.0
Scottish Mortgage . .665.0 11.5 781.0 566.0
SVG CapitaI . . . . . . . .218.4 -11.6 279.8 148.9
TempIe Bar Inv Tr . . .811.0 6.0 952.0 754.0
TempIeton Emergin .564.0 -4.0 689.5 539.0
TR Property Inv T . . .162.0 0.2 206.1 142.0
TR Property Inv T . . . .77.8 -1.0 94.0 64.5
Witan Inv Trust . . . . .448.5 1.0 533.0 423.7
3i Group . . . . . . . . . . .221.4 1.3 340.0 205.1
3i Infrastructure . . . . .115.6 -2.8 125.2 112.0
Aberdeen Asset Ma .179.4 -2.6 240.0 132.3
Ashmore Group . . . .360.2 17.7 414.5 282.0
Brewin DoIphin Ho . .129.7 6.5 185.4 117.0
CameIIia . . . . . . . . . .9300.0 0.010950.0 7900.0
CharIes TayIor Co . . .147.0 13.5 234.0 122.0
City of London Gr . . . .77.5 0.0 93.6 73.6
City of London In . . .351.0 6.0 461.5 278.5
CIose Brothers Gr . . .677.0 13.5 888.5 640.0
CoIIins Stewart H . . . .72.0 2.0 90.8 69.0
EvoIution Group . . . . .81.0 0.0 92.0 62.3
F&C Asset Managem .61.1 2.4 92.9 50.5
Hargreaves Lansdo .465.7 8.7 646.5 374.9
HeIphire Group . . . . . . .2.7 -0.1 39.0 2.4
Henderson Group . . .135.0 2.1 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .400.2 5.4 570.5 370.6
IG Group HoIdings . .400.2 -3.2 553.0 386.7
Intermediate Capi . . .211.9 7.1 360.3 194.4
InternationaI Per . . . .246.1 8.0 388.8 223.2
InternationaI Pub . . . .112.7 -2.3 118.3 108.6
Investec . . . . . . . . . . .397.9 -4.9 538.0 371.9
IP Group . . . . . . . . . . . .38.0 0.8 54.5 27.9
Jupiter Fund Mana . .198.4 2.6 337.3 175.3
Liontrust Asset M . . . .75.9 0.3 95.3 72.0
LMS CapitaI . . . . . . . . .60.9 2.1 64.8 40.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .841.0 7.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .14.5 -0.5 19.8 10.5
Man Group . . . . . . . . .181.4 3.4 311.0 165.9
Paragon Group Of . .155.1 1.7 206.1 126.4
Provident Financi . .1019.0 -31.0 1116.0 728.5
Rathbone Brothers .1015.0 -35.0 1257.0 815.0
Record . . . . . . . . . . . . .27.1 -1.4 52.0 20.3
RSM Tenon Group . . .26.5 -1.3 66.3 21.3
Schroders . . . . . . . .1462.0 -1.0 1922.0 1330.0
Schroders (Non-Vo .1184.0 0.0 1554.0 1071.0
TuIIett Prebon . . . . . .346.0 6.5 428.6 317.6
WaIker Crips Grou . . .45.8 -1.0 51.5 44.0
BT Group . . . . . . . . . .167.8 -2.0 204.1 130.6
CabIe & WireIess . . . .31.5 -0.8 61.4 30.3
CabIe & WireIess . . . .35.0 -0.6 78.4 31.2
COLT Group SA . . . . .115.2 -0.8 156.2 109.0
TaIkTaIk TeIecom . . .127.0 0.1 168.3 121.7
TeIecomPIus . . . . . . .550.0 -10.0 700.0 352.5
Booker Group . . . . . . .66.3 0.1 77.9 43.3
Greggs . . . . . . . . . . . .454.5 -27.5 550.5 418.7
Morrison (Wm) Sup .280.5 -0.3 308.3 262.7
Ocado Group . . . . . . .141.4 1.7 285.0 123.5
Sainsbury (J) . . . . . . .289.8 9.4 395.0 271.0
Tesco . . . . . . . . . . . . .370.2 8.3 440.7 349.0
Associated Britis . .1001.0 15.5 1182.0 935.5
Cranswick . . . . . . . . .640.5 8.5 896.0 610.0
Dairy Crest Group . . .338.6 4.5 424.9 322.5
Devro . . . . . . . . . . . . .258.0 17.0 296.9 218.0
Premier Foods . . . . . . .13.6 -0.2 35.1 13.0
Tate & LyIe . . . . . . . . .555.0 10.5 656.0 409.1
UniIever . . . . . . . . . .1931.0 2.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .506.0 1.5 664.0 447.0
Centrica . . . . . . . . . . .294.6 -0.2 346.1 278.9
InternationaI Pow . . .280.7 -5.6 448.6 262.8
NationaI Grid . . . . . . .571.5 -4.0 632.5 529.5
Northumbrian Wate .465.0 -1.6 469.5 295.5
Pennon Group . . . . . .672.0 2.0 737.5 560.0
Severn Trent . . . . . .1411.0 -4.0 1517.0 1288.0
United UtiIities . . . . .565.0 5.0 632.0 529.0
Cookson Group . . . . .537.0 30.5 724.5 412.3
DS Smith . . . . . . . . . .195.0 0.3 266.2 125.8
Rexam . . . . . . . . . . . .351.5 4.0 400.0 293.0
GIencore Internat . . .379.0 -1.5 531.1 352.5
BAE Systems . . . . . .256.2 0.2 369.9 241.0
Chemring Group . . . .529.0 27.5 736.5 477.1
Cobham . . . . . . . . . . .181.3 4.4 245.6 173.4
Meggitt . . . . . . . . . . . .342.3 4.3 397.6 261.7
QinetiQ Group . . . . . .111.5 10.0 136.3 96.7
RoIIs-Royce Group . .575.5 15.5 665.0 530.5
Senior . . . . . . . . . . . . .160.6 10.3 190.6 111.2
UItra EIectronics . . .1390.0 33.0 1895.0 1271.0
GKN . . . . . . . . . . . . . .182.6 4.9 245.0 135.6
BarcIays . . . . . . . . . . .179.3 3.9 335.0 155.5
HSBC HoIdings . . . . .545.0 7.2 730.9 500.5
LIoyds Banking Gr . . .32.1 -0.7 77.6 30.0
RoyaI Bank of Sco . . .26.2 -1.1 50.4 24.4
Standard Chartere .1483.0 60.0 1950.0 1387.5
AG Barr . . . . . . . . . .1123.0 -12.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .316.8 8.1 503.5 299.0
Diageo . . . . . . . . . . .1160.0 -5.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2000.0 21.0 2340.0 1841.0
AZ EIectronic Mat . . .228.7 12.7 338.1 201.2
Croda Internation . .1674.0 65.0 2081.0 1230.0
EIementis . . . . . . . . . .154.5 9.4 187.4 85.0
Johnson Matthey . .1806.0 137.0 2119.0 1550.0
Victrex . . . . . . . . . . .1254.0 57.0 1590.0 1065.0
Price Chg High Low
BerkeIey Group Ho .1082.0 7.0 1299.0 789.5
Bovis Homes Group .353.5 5.6 464.7 326.6
Persimmon . . . . . . . .393.8 8.2 502.5 336.5
Reckitt Benckiser . .3204.0 73.0 3648.0 2958.5
Redrow . . . . . . . . . . . .112.8 -2.2 139.0 97.6
TayIor Wimpey . . . . . . .32.5 1.4 43.3 22.3
Bodycote . . . . . . . . . .311.4 17.3 397.7 214.5
Charter Internati . . . .670.0 40.5 853.5 538.5
Fenner . . . . . . . . . . . .324.4 23.0 422.5 198.0
IMI . . . . . . . . . . . . . . . .822.0 51.0 1119.0 657.5
MeIrose . . . . . . . . . . .309.1 7.6 365.4 205.4
Northgate . . . . . . . . . .270.9 2.5 346.7 180.8
Rotork . . . . . . . . . . .1536.0 22.0 1895.0 1426.0
Spirax-Sarco Engi . .1705.0 56.0 2063.0 1499.0
Weir Group . . . . . . .1703.0 123.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .343.5 2.5 499.0 278.0
TaIvivaara Mining . . .323.1 10.0 622.0 301.1
BBAAviation . . . . . . .178.4 3.6 240.8 165.8
Stobart Group Ltd . . .131.5 -0.9 163.6 124.1
AdmiraI Group . . . . .1444.0 19.0 1754.0 1366.0
AmIin . . . . . . . . . . . . .323.9 -3.1 433.0 315.1
Huntsworth . . . . . . . . .59.8 -1.4 86.0 57.3
Informa . . . . . . . . . . . .354.9 9.6 461.1 326.5
ITE Group . . . . . . . . . .180.0 6.5 258.2 150.3
ITV . . . . . . . . . . . . . . . . .59.0 1.5 93.5 49.8
Johnston Press . . . . . . .5.1 0.5 17.8 4.2
MecomGroup . . . . . .193.0 3.0 310.0 182.8
Moneysupermarket. . .99.7 -4.4 120.4 70.3
Pearson . . . . . . . . . .1090.0 27.0 1207.0 926.0
PerformGroup . . . . .162.5 0.5 234.5 144.8
Reed EIsevier . . . . . .481.4 4.4 590.5 458.1
Rightmove . . . . . . . .1080.0 21.0 1250.0 596.5
STV Group . . . . . . . . . .98.0 -10.9 168.0 83.5
Tarsus Group . . . . . .142.5 -5.0 165.0 112.5
Trinity Mirror . . . . . . . .38.0 0.0 124.3 37.3
United Business M . .463.0 10.2 725.0 429.6
UTV Media . . . . . . . . .107.0 4.5 151.0 100.0
WiImington Group . .103.0 0.8 183.0 102.3
WPP . . . . . . . . . . . . . .616.0 18.0 846.5 561.5
YeII Group . . . . . . . . . . .5.5 0.4 23.3 4.6
African Barrick G . . .513.0 41.6 638.0 393.5
AngIo American . . .2419.5 54.5 3437.0 2240.5
AngIo Pacific Gro . . .276.5 19.2 369.3 237.5
Antofagasta . . . . . . .1205.0 69.0 1634.0 977.5
Aquarius PIatinum . .227.6 8.7 419.0 206.4
BHP BiIIiton . . . . . . .1911.0 65.0 2631.5 1743.7
BeazIey . . . . . . . . . . . .112.9 2.8 139.2 107.5
CatIin Group Ltd. . . .370.9 8.1 421.4 325.0
Hiscox Ltd. . . . . . . . . .368.4 0.7 424.7 341.5
Jardine LIoyd Tho . . .587.0 -4.0 709.0 561.0
Lancashire HoIdin . . .627.5 -12.5 700.0 515.0
RSA Insurance Gro . .115.5 1.5 143.5 108.8
Aviva . . . . . . . . . . . . . .337.8 4.7 477.9 317.1
LegaI & GeneraI G . . . .96.4 2.1 123.8 87.7
OId MutuaI . . . . . . . . .108.7 0.9 145.2 99.7
Phoenix Group HoI . .458.0 -11.5 758.0 430.0
PrudentiaI . . . . . . . . .612.0 14.5 777.0 547.0
ResoIution Ltd. . . . . .250.6 13.3 316.1 211.3
St James's PIace . . . .322.5 20.9 376.0 236.2
Standard Life . . . . . . .174.1 2.1 244.7 162.7
4Imprint Group . . . . .222.1 -3.1 295.0 195.0
Aegis Group . . . . . . .130.0 6.3 163.5 110.7
BIoomsbury PubIis . .100.0 1.3 138.0 97.0
British Sky Broad . . .655.0 -5.0 850.0 630.0
Centaur Media . . . . . . .39.0 0.0 73.0 38.3
Chime Communicati .201.0 -1.3 298.5 165.8
Creston . . . . . . . . . . . .88.0 3.4 121.0 78.5
DaiIy MaiI and Ge . . .378.6 14.6 594.5 348.2
Euromoney Institu . .595.5 -4.5 736.0 578.0
Future . . . . . . . . . . . . . .12.5 -0.1 30.0 11.8
Haynes PubIishing . .221.0 -9.0 262.5 202.5
Centamin Egypt Lt . .102.1 11.1 197.1 88.8
Eurasian NaturaI . . .613.0 26.0 1125.0 543.5
FresniIIo . . . . . . . . . .1673.0-131.0 1907.0 990.0
GemDiamonds Ltd. .192.5 11.5 306.0 172.8
HochschiId Mining . .440.0 16.1 680.0 309.0
Kazakhmys . . . . . . . .995.0 38.0 1671.0 892.0
Kenmare Resources . .41.3 3.7 59.9 14.5
Lonmin . . . . . . . . . . .1138.0 35.0 1983.0 1047.0
New WorId Resourc .565.5 22.0 1060.0 460.0
PetropavIovsk . . . . . .699.0 10.0 1252.0 645.5
RandgoId Resource 6120.0 -25.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3548.0 160.5 4712.0 3105.0
Vedanta Resources 1317.0 30.0 2583.0 1217.0
Xstrata . . . . . . . . . . .1042.0 72.2 1550.0 900.4
Inmarsat . . . . . . . . . . .399.2 4.1 739.0 377.9
Vodafone Group . . . .161.5 -1.1 181.9 149.4
Genesis Emerging . .449.9 3.9 568.0 420.0
Afren . . . . . . . . . . . . . . .94.7 2.2 171.2 83.7
BG Group . . . . . . . . .1237.5 48.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .405.3 2.2 509.0 375.2
Cairn Energy . . . . . . .307.6 23.2 493.2 272.6
EnQuest . . . . . . . . . . .106.2 8.2 158.5 94.4
Essar Energy . . . . . .299.9 19.5 589.5 264.5
ExiIIon Energy . . . . . .348.8 -2.4 469.7 166.5
Heritage OiI . . . . . . . .198.2 8.2 486.0 179.5
JKX OiI & Gas . . . . . .209.0 10.9 335.1 180.7
Premier OiI . . . . . . . . .339.3 12.0 535.0 302.0
RoyaI Dutch SheII . .1939.0 49.0 2326.5 1703.0
RoyaI Dutch SheII . .1948.0 53.5 2336.0 1642.0
SaIamander Energy .242.5 -5.8 317.6 210.0
Soco Internationa . . .292.8 13.0 484.2 252.1
TuIIow OiI . . . . . . . . .1000.0 48.5 1493.0 879.5
Amec . . . . . . . . . . . . .884.0 50.0 1251.0 774.5
Hunting . . . . . . . . . . .684.5 78.5 817.0 519.0
John Wood Group . .554.5 37.0 715.8 346.0
LampreII . . . . . . . . . . .307.7 22.7 395.2 223.9
Petrofac Ltd. . . . . . .1174.0 64.0 1685.0 1045.0
Burberry Group . . . .1261.0 37.0 1600.0 820.5
PZ Cussons . . . . . . . .358.6 -2.1 409.0 320.5
Supergroup . . . . . . . .904.5 43.5 1820.0 818.5
AstraZeneca . . . . . .2597.5 2.5 3385.0 2453.5
BTG . . . . . . . . . . . . . .241.8 -1.2 309.7 200.1
Genus . . . . . . . . . . . . .900.0 26.0 1046.0 710.5
GIaxoSmithKIine . . .1243.0 18.0 1385.0 1127.5
Hikma Pharmaceuti .606.0 44.5 900.0 536.5
Shire PIc . . . . . . . . . .1865.0 47.0 2136.0 1376.0
CapitaI & Countie . . .167.2 4.8 203.7 112.3
Daejan HoIdings . . .2370.0-108.0 2954.0 2253.0
F&C CommerciaI Pr . .99.0 5.5 108.0 88.0
Grainger . . . . . . . . . . .100.6 6.6 133.2 86.3
London & Stamford .117.5 4.6 140.0 109.0
SaviIIs . . . . . . . . . . . . .330.2 20.1 427.1 296.6
St. Modwen Proper . .135.5 -5.5 196.2 127.0
UK CommerciaI Pro . .72.8 2.4 85.5 69.4
Unite Group . . . . . . . .168.3 3.3 229.8 155.4
Big YeIIow Group . . .244.3 6.9 353.3 223.8
British Land Co . . . . .528.5 24.5 629.5 446.8
CapitaI Shopping . . .314.0 0.4 424.8 293.9
Derwent London . . .1611.0 60.0 1880.0 1364.0
Great PortIand Es . . .369.6 12.1 445.0 308.0
Hammerson . . . . . . . .397.5 10.3 490.9 352.2
Hansteen HoIdings . . .73.5 3.3 89.5 62.4
Land Securities G . . .756.0 18.5 885.0 598.0
SEGRO . . . . . . . . . . . .248.5 5.1 331.3 228.5
Shaftesbury . . . . . . . .458.0 16.8 539.0 396.0
Autonomy Corporat 1492.0 41.0 1857.0 1271.0
Aveva Group . . . . . .1530.0 16.0 1799.0 1330.0
Computacenter . . . . .383.5 -6.6 490.0 265.0
Fidessa Group . . . . .1620.0 -35.0 2109.0 1350.0
Invensys . . . . . . . . . . .254.3 11.4 364.3 229.5
Kofax . . . . . . . . . . . . .270.5 -6.5 535.0 231.0
Logica . . . . . . . . . . . . .86.8 1.3 147.2 80.0
Micro Focus Inter . . .250.7 11.3 426.2 226.3
Misys . . . . . . . . . . . . .258.7 9.5 420.2 236.3
Sage Group . . . . . . . .247.0 10.3 302.0 225.1
SDL . . . . . . . . . . . . . . .624.5 -25.5 711.5 510.0
TeIecity Group . . . . . .484.7 34.2 559.5 424.3
Aggreko . . . . . . . . . .1700.0 72.0 2034.0 1351.3
Ashtead Group . . . . .116.7 9.7 207.9 77.0
Atkins (WS) . . . . . . . .597.0 15.0 820.0 555.5
Babcock Internati . . .606.5 24.0 733.0 492.8
Berendsen . . . . . . . . .461.8 -2.5 568.0 363.1
BunzI . . . . . . . . . . . . .703.5 27.0 801.0 651.0
Capita Group . . . . . . .691.5 18.0 794.5 635.5
CariIIion . . . . . . . . . . .315.8 9.1 403.2 289.7
De La Rue . . . . . . . . .783.0 3.0 853.5 549.5
EIectrocomponents .200.5 10.0 294.9 181.5
Experian . . . . . . . . . . .715.0 20.0 833.5 606.0
FiItrona PLC . . . . . . . .296.8 0.5 385.5 227.5
G4S . . . . . . . . . . . . . . .245.8 3.9 291.0 227.4
Hays . . . . . . . . . . . . . . .74.9 5.5 133.6 69.0
Homeserve . . . . . . . .456.2 28.4 532.0 408.0
Howden Joinery Gr . . .96.9 3.9 127.5 63.0
Intertek Group . . . . .1823.0 54.0 2148.0 1646.0
MichaeI Page Inte . . .404.5 5.6 567.0 368.0
Mitie Group . . . . . . . .224.8 15.9 242.5 188.7
Premier FarneII . . . . .182.0 13.6 308.8 164.0
Regus . . . . . . . . . . . . . .84.0 1.2 119.0 66.1
RentokiI InitiaI . . . . . . .75.1 -3.9 107.1 72.7
RPS Group . . . . . . . . .213.9 8.2 253.0 169.8
Serco Group . . . . . . .520.0 24.3 633.0 476.8
Shanks Group . . . . . .114.2 5.4 130.9 96.5
SIG . . . . . . . . . . . . . . .108.0 3.6 153.5 90.7
SThree . . . . . . . . . . . .277.0 -3.8 447.6 231.1
Travis Perkins . . . . . .774.0 46.5 1127.0 713.5
WoIseIey . . . . . . . . .1486.0 24.0 2261.0 1223.0
ARM HoIdings . . . . . .499.5 35.5 651.0 305.8
CSR . . . . . . . . . . . . . .237.4 8.1 447.0 221.9
Imagination Techn . .336.0 31.0 502.0 285.1
Pace . . . . . . . . . . . . . . .96.6 5.6 231.8 89.2
Spirent Communica .124.9 5.1 160.3 115.1
British American . .2659.0 67.0 2871.0 2166.0
ImperiaI Tobacco . .2004.0 4.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 0.0 313.0 184.0
Betfair Group . . . . . . .587.0 0.0 1550.0 567.0
Bwin.party Digita . . . .112.6 2.7 297.9 104.5
CarnivaI . . . . . . . . . .1869.0 46.0 3153.0 1741.0
Compass Group . . . .545.0 23.0 612.0 500.0
Domino's Pizza UK . .437.4 0.3 586.0 377.0
easyJet . . . . . . . . . . . .329.4 4.0 479.0 301.0
Enterprise Inns . . . . . .42.5 -0.6 122.7 40.4
FirstGroup . . . . . . . . .325.7 3.2 412.6 308.1
Go-Ahead Group . . .1330.0 7.0 1598.0 1073.0
Greene King . . . . . . .443.6 10.4 518.0 398.0
InterContinentaI . . .1042.0 79.0 1435.0 939.0
InternationaI Con . . .186.2 -1.8 305.0 178.0
JD Wetherspoon . . . .408.7 -5.2 468.3 387.
Ladbrokes . . . . . . . . .128.8 -0.3 155.3 122.
Marston's . . . . . . . . . . .92.5 2.3 117.1 84.
MiIIennium& Copt . .455.6 5.6 600.5 422.
MitcheIIs & ButIe . . . .236.8 2.1 361.0 221.
NationaI Express . . .232.6 5.5 270.2 213.
Rank Group . . . . . . . .118.4 -4.3 153.7 103.
Restaurant Group . . .254.9 -3.0 335.0 226.
Spirit Pub Compan . . .41.1 4.1 55.0 36.
Stagecoach Group . .226.5 9.7 268.5 160.
Thomas Cook Group .53.4 7.8 204.8 44.
TUI TraveI . . . . . . . . . .167.5 5.2 271.9 154.
Whitbread . . . . . . . .1451.0 42.0 1887.0 1344.
WiIIiamHiII . . . . . . . . .219.9 1.1 237.3 155.
Abcam . . . . . . . . . . . .331.0 -6.5 460.0 299.
AIbemarIe & Bond . .354.9 -1.5 400.1 218.
Amerisur Resource . .16.8 -0.8 29.0 11.
Andor TechnoIogy . .530.0 2.0 685.0 311.
ArchipeIago Resou . . .71.0 0.0 79.0 32.
ASOS . . . . . . . . . . . .1832.0 96.0 2468.0 840.
AureIian OiI & Ga . . . .42.5 -4.0 92.0 39.
Avanti Communicat .295.0 6.3 735.0 277.
Avocet Mining . . . . . .231.0 22.0 253.5 112.
BIinkx . . . . . . . . . . . . . .90.0 1.0 148.8 63.
Borders & Souther . . .47.8 3.0 93.0 40.
BowLeven . . . . . . . . .125.0 4.5 398.0 114.
Brooks MacdonaId .940.0 -12.5 1372.5 817.
CaIedon Resources .110.8 -0.3 111.8 44.
Conygar Investmen . .95.4 -4.3 120.0 95.
Cove Energy . . . . . . . .64.8 3.0 112.8 55.
Daisy Group . . . . . . . .111.6 -0.9 127.0 88.
EMIS Group . . . . . . . .540.3 -18.3 580.0 303.
Encore OiI . . . . . . . . . .42.0 1.3 151.5 37.
Faroe PetroIeum . . . .135.0 -1.0 218.3 125.
GuIfsands PetroIe . . .183.3 4.3 401.5 174.
GWPharmaceuticaI . .95.5 7.5 130.0 83.
Hamworthy . . . . . . . .513.0 0.0 705.0 328.
Hargreaves Servic . .880.0 -20.0 1076.0 605.
HeaIthcare Locums . . . .0.0 0.0 0.0 0.
Immunodiagnostic .1039.0 49.0 1218.0 710.
ImpeIIamGroup . . . .305.0 -9.9 387.5 122.
James HaIstead . . . . .434.9 2.1 495.0 306.
KaIahari MineraIs . . .208.0 9.8 301.0 142.
London Mining . . . . .300.0 -3.5 436.5 240.
Lupus CapitaI . . . . . . .99.5 1.5 150.0 78.
M. P. Evans Group . .387.5 10.1 500.5 343.
Majestic Wine . . . . . .424.0 -9.0 510.0 306.
May Gurney Integr . .262.6 -4.4 295.0 177.
Monitise . . . . . . . . . . . .31.5 1.0 39.0 18.
MuIberry Group . . . .1335.0-215.0 1920.0 330.
Nanoco Group . . . . . . .57.5 -2.5 115.8 53.
NauticaI PetroIeu . . .224.8 1.3 547.0 138.
NichoIs . . . . . . . . . . . .532.5 -1.5 579.0 410.
Numis Corporation . . .98.0 4.1 146.5 93.
Pan African Resou . . .11.0 0.1 13.8 5.
Patagonia GoId . . . . . .53.8 1.0 68.0 15.
Prezzo . . . . . . . . . . . . .53.5 -1.1 71.5 41.
Pursuit Dynamics . . .190.0 29.5 700.0 145.
Rockhopper ExpIor .209.0 68.0 510.0 137.
RWS HoIdings . . . . . .420.0 0.9 472.0 239.
Songbird Estates . . .110.3 -6.8 160.3 110.
VaIiant PetroIeum . . .505.0 -2.5 761.5 483.
Young & Co's Brew . .656.0 -1.5 712.0 520.
Thomas Cook Group .53.4 17.2
Hunting . . . . . . . . . . .684.5 13.0
Centamin Egypt Ltd .102.1 12.2
Spirit Pub Company . .41.1 11.2
Imagination Techno .336.0 10.2
Laird . . . . . . . . . . . . . .152.7 9.9
QinetiQ Group . . . . . .111.5 9.9
Kenmare Resources . .41.3 9.8
Ashtead Group . . . . .116.7 9.1
Renishaw . . . . . . . . .1363.0 9.0
FresniIIo . . . . . . . . . .1673.0 -7.3
Greggs . . . . . . . . . . . .454.5 -5.7
SVG CapitaI . . . . . . . .218.4 -5.0
RentokiI InitiaI . . . . . . .75.1 -4.9
Daejan HoIdings . . .2370.0 -4.4
Moneysupermarket.c .99.7 -4.2
SDL . . . . . . . . . . . . . . .624.5 -3.9
St. Modwen Propert .135.5 -3.9
RoyaI Bank of Scot . . .26.2 -3.9
Rank Group . . . . . . . .118.4 -3.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
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CHEMICALS
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GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.91 -0.14 103.5 100.8
Tsy 2.500 11 . . . . .306.59 -0.01 310.0 306.6
Tsy 5.250 12 . . . .103.87 -0.05 108.1 103.8
Tsy 9.000 12 . . . .108.19 0.00 115.8 107.8
Tsy 5.000 12 . . . .102.58 -0.07 106.8 102.5
Tsy 4.500 13 . . . .106.10 -0.07 109.2 105.8
Tsy 2.500 13 . . . .285.26 -0.33 287.7 276.6
Tsy 8.000 13 . . . . .115.46 -0.08 121.3 115.4
Tsy 5.000 14 . . . . .112.32 -0.17 114.1 109.2
Tsy 7.750 15 . . . .103.25 0.00 342.1 102.6
Tsy 8.000 15 . . . .128.15 -0.26 131.6 123.7
Tsy 4.750 15 . . . . .113.84 -0.25 114.7 108.6
Tsy 2.500 16 . . . .336.35 -0.70 340.1 309.4
Tsy 4.000 16 . . . . .111.76 -0.29 112.1 104.9
Tsy 1.250 17 . . . . .112.58 -0.89 114.4 106.7
Tsy 8.750 17 . . . .139.69 -0.60 142.2 132.9
Tsy 12.000 17 . . .125.91 0.00 185.9 125.2
Tsy 5.000 18 . . . . .118.44 -0.35 118.8 109.7
Tsy 4.500 19 . . . . .115.18 -0.41 115.6 105.4
Tsy 3.750 19 . . . .109.47 -0.44 109.9 99.4
Tsy 4.750 20 . . . . .116.79 -0.46 117.3 106.6
Tsy 2.500 20 . . . .345.04 -0.95 349.9 310.7
Tsy 8.000 21 . . . .146.16 -0.45 147.1 133.8
Tsy 1.875 22 . . . . .118.99 -1.30 121.3 111.3
Tsy 4.000 22 . . . .109.04 -0.66 109.7 99.0
Tsy 2.500 24 . . . .303.22 -1.32 308.9 270.2
Tsy 5.000 25 . . . . .117.87 -0.77 118.7 107.4
Tsy 1.250 27 . . . . .112.05 -1.58 115.0 104.3
Tsy 4.250 27 . . . .107.51 -0.87 108.8 97.9
Tsy 6.000 28 . . . .130.50 -0.86 132.7 119.5
Tsy 4.125 30 . . . .285.68 -1.56 292.7 256.6
Tsy 4.750 30 . . . . .113.05 -0.96 115.0 103.0
Tsy 4.250 32 . . . .105.93 -1.03 107.8 96.0
Tsy 4.250 36 . . . .104.99 -1.25 107.4 95.0
Tsy 4.750 38 . . . . .113.77 -1.30 116.5 102.8
Tsy 4.500 42 . . . .109.58 0.00 112.8 98.9
% %
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11239.77
429.92
2482.52
124.83
1172.53
53.07
DOWJONES INDUS 30 11239.77 429.92 3.98
S&P 1172.53 53.07 4.74
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Lifestyle | Motors
WORDS BY
RYAN BORROFF
way to whisk you to your weekend home.
It can even plough through furrows of
mud on the country lanes when you get
there. This is a near-perfect all-rounder.
Get your order in quick before it becomes
a ubiquitous as a Mini.
SKODAS GREEN CREDS
koda has won the Small Family Car category in the Next Green
Car Awards 2011 for its Octavia Hatch Greenline II which returns
an impressive 74.3mpg while emitting just 99g/km of CO2. The
GreenLine II is powered by a 1.6 TDI CR 105PS engine and costs
nothing per year in tax, which is unusual for a family car of its size.
Not a bad looker, either.
CAR TALK BY RYAN BORROFF
MINI SOHO
A special edition Mini for London called Mini Soho has just gone on
sale. Available in Hatchback and Convertible form, the Soho edition
has unique White Silver metallic paint and 17-inch Black Star Bullet
alloy wheel and unusual white indicators. Inside each car gets a
three-spoke leather steering wheel and piano black interior trim.
An urban motoring must-have, surely.
NEW MAZDA CROSSOVER
This is Mazdas brand new CX-5 compact crossover SUV. Its the
first production car to feature Mazdas new Kodo styling and it is
built around a new efficient range of chassis, body, engine and
transmission technologies called Skyactive. The Skyactive 2.2 diesel-
engined model should emit less than 120g/km of CO2 when it goes
on sale.
Evoquative: the ultimate all-rounder
The Evoque light
and fast. Get it while
its hot.
I
TS heart may be in the country, but
Range Rover for so long the pre-
ferred transport of the country set
and most naturally at home on rural
lanes has a new sibling, and despite
being created for city living, the new
Evoque is the greenest Range Rover yet.
Available as a three-door coup or five-
door, the Evoque is the smallest and light-
est Range Rover ever. Were driving the
Evoque from Anglesey the original home
of Land Rover across Snowdonia and on
to Liverpool.
Everywhere we go people stop to look.
Evoque started life as the Land Rover LRX
concept and the car has made it to produc-
tion with barely any changes. Not only is
this a very rare thing, the visual drama
that remains means the Evoque may now
be the worlds most desirable 4x4.
Whether this represents a dramatic evolu-
tion or an exaggeration of traditional
Range Rover design depends on whether
your viewpoint is at the CAMRA end of
weekend off-roading or the Chelsea end of
Saturday shopping. Its worth remember-
ing that as far as Land Rover is concerned
theyre not expecting a single, traditional
Land Rover owner to sign up for this car.
While still obviously a 4x4, the Evoque
has an athletic and dynamic look thanks
to its slim headlights and distinctive tail-
lights, high, sloping waistline, low win-
dows and pronounced wheel arches. Keep
in mind that a special Victoria Beckham
edition Evoque is still to come and you get
an idea for the kind of buyer Land Rover
believes will be seduced by this car. The
company expects the average Evoque
buyer to be young, cool, design-conscious
and living in the city, rather than
labrador-loving country types. In fact,
more than 80 per cent of the 20,000 sales
so far have been bought by complete new-
comers to this off-road brand.
And theres no element of style over
substance here either. The Evoque is just
as credible off-road as any of its bulky
brethren, even if it is a car thats clearly
been designed with an on-road city crowd
in mind. On a memorable off road test
route in Snowdonia and driving through
an old railway tunnel underneath the City
This super-snazzy
city car is giving
sibling Rover drivers
a major pang of envy
THE VERDICT:
DESIGN hhhhh
PERFORMANCE hhhhh
PRACTICALITY hhhhi
VALUE FOR MONEY hhhhi
THE FACTS:
RANGE ROVER EVOQUE
PRICE: 39,995
0-62MPH: 7.1 secs
TOP SPEED: 135mph
CO2 G/KM: 199g/km
MPG COMBINED: 32.5
of Liverpool, the Evoque proves its creden-
tials. On-road the Evoque feels fast and
agile, yet it still manages to cushion urban
potholes too without any bother. The best
of the three engine options is the Si4
240bhp 2.0-litre turbocharged petrol
engine capable of 0-60mph in 7.1 sec-
onds. But other than some increased road
noise, the SD4 190bhp 2.2-litre tur-
bocharged diesel engine is very nearly as
much fun too. Theres also a 150bhp 2.2-
litre turbocharged diesel-engined version
which emits less than 130g/km CO2.
Inside, the interior is excellent. In our
Si4 Dynamic version, the seats are in
leather, with a textured aluminium-like
finish used on the centre console and
dash and perforated leather for the steer-
ing wheel and gearshift. Aluminium
pedal covers complete the sporty look. My
colleague watches TV on the eight-inch
dual view touch while I follow the nav sys-
tem from the drivers seat. With the
optional panoramic glass roof the interior
is a super place to be.
So for us city-dwellers, the Evoque is a
no-brainer luxurious but economical,
comfortable and cool-looking: its as
happy to rush you around the city during
the week as it is comfortable on the motor-
T
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VILLAGE SOS
BBC1, 8PM
New series. Sarah Beeny follows six
communities that received six-figure
lottery grants to start up rural
businesses.
NATURAL WORLD: EMPIRE OF THE
DESERT ANTS BBC2, 8PM
Documentary following a honey-ant
queens rise to power and the methods
she uses to extend her influence and
keep her subjects under control.
THE REMOVAL MEN: PICKFORDS
CHANNEL5, 8PM
An Essex family relocates to Cornwall
on a whim, having found their new
home only weeks earlier. Last in the
series.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive International
Football 10pmYoure on Sky
Sports! 11pmPremier League 20
in 20 12amFIFA Futbol Mundial
12.30amInternational Football
2.30amPremier League 20 in 20
3.30amInternational Football
5.30am-6amFootballs Greatest
SKY SPORTS 2
6.30pmPremier League 20 in 20
Football 10pmTest Cricket 12am
Americas Cup World Series
12.30amBoots n All 1.30am
Total Rugby 2amPoker 4am
Americas Cup World Series
4.30am-5amTotal Rugby
SKY SPORTS 3
7pmEuropean Tour Weekly: The
latest news from the golf circuit.
Football 10pmUSPGA
Championship Golf 11pmUltimate
Challenge MMA 12.30amTrans
World Sport 1.30amWatersports
World 2.30amUltimate Challenge
MMA 4amBoots n All 5am
Inside the PGA Tour 5.30am-6am
European Tour Weekly
BRITISH EUROSPORT
4pmLive WTA Tennis 7.45pm
Wednesday Selection 7.50pm
Show Jumping 8.50pmRiders
Club 8.55pmWorld Golf
Championship 9.55pmGolf Club
10pmYacht Club 10.15pmCycling
11pm-1amLive Under-20s World
Cup Football
ESPN
6.45pmPremier League World
7.15pmESPN Kicks: Extra 7.30pm
Live International Football
9.45pmInternational Football
11.30pmDTM Review Show
12.30amESPN Press Pass 1am
NFL 4amFormula 3 Euroseries
Review5am-6amVW Scirocco
Cup
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmChick Fix 9pm
Nikita 10pmSupernatural 11pm
Criminal Minds 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmDont Tell the Bride 8pm
Geordie Finishing School for Girls
9pmAmy Winehouse Tribute
9.40pmBBC Sessions: Amy
Winehouse 10.35pmFamily Guy
11.15pmAmerican Dad! 1.50am
Worlds Craziest Fools 2.50am
Dont Tell the Bride 3.50am
Geordie Finishing School for Girls
4.50am-5.15amWorlds Craziest
Fools
E4
7pmHollyoaks: Carmel turns to Fr
Francis for support. 7.30pmHow I
Met Your Mother 8pmFriends
9pmBeaver Falls 10pmFranklin &
Bash 11pmAlan Carr: Chatty Man
12.05amMy Name Is Earl 1am
How I Met Your Mother 1.25am
Franklin & Bash 2.10amAlan
Carr: Chatty Man 3.05amGlee
3.50amSmallville 4.35am
Heartland 5.20am-6amSwitched
HISTORY
7pmThe Six Wives of Henry VIII
8pmAx Men 10pmOnly in
America 11pmOil Riggers 12am
Ax Men 2amUFO Hunters 3am
The Six Wives of Henry VIII 4am
Ancient Discoveries 5am-6am
The Universe
DISCOVERY
7pmMythbusters 8pmHow Do
They Do It? 9pmAmerican
Chopper: Senior Versus Junior
10pmSurviving the Cut 11pm
Powering the Future 12amBear
Grylls: Born Survivor 1am
American Chopper: Senior Versus
Junior 2amSurviving the Cut
3amDeadliest Catch 3.50am
Raging Planet 4.40amTreasure
Quest 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmLittle
People, Big World 9pmUntold
Stories of the ER 10pmA&E
11pmEmergency 12amUntold
Stories of the ER 1amA&E 2am
Emergency 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmThe Glee Project: The
hopefuls work on their duet
performances. 9pmOctomum:
The 8 Baby Mother 10.30pmBrit
Cops: Rapid Response 11.30pm
Cop Squad 12.30amBorder
Invasion USA 2.25amStargate
Universe 3.55amBody Language
Secrets 4.45amAirline
5.35am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmNational Treasures Live;
BBC News; Regional News 8pm
CHOICE Village SOS 9pmWho Do
You Think You Are? 10pmBBC
News 10.25pmRegional News
10.35pmThe National Lottery
Wednesday Night Draws 10.45pm
Not Going Out 11.15pmHim & Her;
National Lottery Update 11.45pm
The League Cup Show:
Weatherview12.50amSign Zone:
Bang Goes the Theory 1.20am
Sign Zone: Country Tracks 2.15am
Sign Zone: Richard Hammonds
Engineering Connections 3.05am
Royal Upstairs Downstairs
3.35am-6amBBC News
6pmEggheads
6.30pmCelebrity Eggheads
7pmRick Steins Spain: The
chef travels through
Extremadura to Seville. Last in
the series.
8pmCHOICE Natural World:
Empire of the Desert Ants
9pmThe Code
10pmNever Mind the
Buzzcocks: Tim Minchin hosts
the comedy music quiz.
10.30pmNewsnight; Weather
11.20pmFake or Fortune?
12.20amThe Tudors
1.10amBBC News 3.35am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale: Hazel slaps
Aaron after he calls her a
murderer.
Football: England v
Netherlands (Kick-off 8.00pm).
10.10pmITV News
10.40pmLondon News
10.45pmInternational
Football:
11.45pmHomes from Hell
12.40amThe Zone; ITV News
Headlines
2.45amFILMDeliverance. 1972.
4.40am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmJo Frost: Extreme
Parental Guidance
9pm24 Hours in A&E
10pm8 Out of 10 Cats Uncut
10.50pmThe Inbetweeners
11.50pmMusic on 4: Ibiza
Rocks
12.25amThe Killing
1.20amMusic on 4: The Crush
2.15amOne Minute Past Midnight
2.25amFILMDangerous Beauty.
1998. 4.15amBrothers & Sisters
5am-5.55amCookery School
6pmMeerkat Manor
6.25pmOK! TV
6.55pm5 News at 7
7pmCricket; 5 News Update
8pmCHOICE The Removal
Men: Pickfords; 5 News at 9
9pmNCIS
10pmFILMUniversal Soldier:
Sci-fi thriller, starring Jean-
Claude Van Damme. 1992.
12.05amPoker: The Big Game
1.05amSuperCasino: Live
interactive gaming. 3.55amAnimal
Rescue Squad 4.10am
HouseBusters 4.35am
HouseBusters 5amRough Guide to
Beaches 5.10amWildlife SOS
5.35am-6amHouse Doctor
1 2 3 4 5
6
7
8
9 10
11 12 13 14
15 16
17 18
19
20
21
17 20
10 29
32 7
9 9 9
8 39
21
22 7
16 17 15
8 33
28 15
14 11
34
23
15
18
12
14
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11
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31
15
30
11
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9
13
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35
25
16
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Flower, the source
of safron (6)
6 Overseas (6)
7 Upon (4)
8 Three score
and ten (7)
9 Adult insect (5)
11 Man who has lost his
wife by death and has
not married again (7)
16 Pale (5)
17 Objectives (7)
19 Small area of water-
surrounded land (4)
20 Foot-operated
levers (6)
21 Believes in the
honesty and reliability
of others (6)
DOWN
1 Short line of text
put onto a computer
by a web site (6)
2 Person deprived of
the protection of the
legal system (6)
3 To satisfy completely (4)
4 Turns to ice (7)
5 Political organisation (5)
8 Ground containing
a matt of grass and
grass roots (3)
10 Fabric in a plaid weave (7)
12 Had existence (3)
13 Type of monkey,
macaque (6)
14 Not if (6)
15 Biblical tower intended
to reach to heaven (5)
18 Examination (4)
A
E
D
A
H N
M
U
S

4

S A G G Y C A R G O
T R T T K
A L C O V E T U N A
G A L A A I Y
E C O N O M I C A L
D U M M M
S T A L A G M I T E
C W T A G A R
A L T O E N C O D E
S K S R L
T O N E R B O B B Y
7 6 9 4 8 4 9 5
2 4 5 1 3 2 3 1
9 8 2 9 5 8 7
2 5 3 8 7 1
6 8 9 3 1 9 7
1 3 7 2 5 8 9 6 4
4 7 1 7 8 5 2
8 4 9 2 2 1
4 6 9 8 3 9 8
1 8 7 2 1 7 4 3
2 1 6 6 5 8 7 9
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
FREQUENCY
such a buoyant England side.
Andrew Strauss men are comfortable
favourites at around 2.44 on Betdaq to win
at Edgbaston. Under the circumstances, the
only reason that they are not any shorter is
the prospect of inclement weather affect-
ing play. Even so, England have shown an
appetite for getting the job done quickly
after winning at Trent Bridge in four days
and that price is a tasty carrot dangling in
front of punters.
There looks to be little doubt that
England will get the single victory they
need from the remaining two fixtures or
protect their two-match winning margin
that would confirm their status as the
worlds No1 Test side. Paddy Power offer a
best price 1/6 that they top the rankings
after the series and the prospect of a 4-0
whitewash, which can be backed at 5/2
with the same firm, looms large.
Englands strength in depth has meant
that they have been better able to deal with
their injuries. Tim Bresnan came in for
Chris Tremlett in Nottingham and played a
blinder.
The likely promotion of Bell up the order
should make it a seamless transition and
he is a strong candidate to be top England
batsman on his home pitch at 9/2 with
William Hill. He batted at three in the sec-
ond innings of the second Test and helped
himself to 159 runs. In addition to that cen-
tury, the Warwickshire man has 10 fifties
from that position in 34 innings.
India have yet to post a tally above 300 in
any of their four innings and Englands
domination means another bet to interest
spread punters is their first innings
supremacy. Sporting Index are trading this
market at 40-60 in Englands favour and
another buy is advised. Anything like the
188-run lead they enjoyed at the mid-point
of the first game would pay off handsomely.
SPORT TRADER OLLIE DREW AND DAVID WILD BRING YOU THE BEST BETS
FROM ENGLAND VS INDIA AS WELL AS THE USPGA CHAMPIONSHIP
W
ITHIndia 2-0 down with just two
Tests to play, they may be the
ones drinking in the last chance
saloon, but theres one man in
the England team who knows exactly how
they feel. Step forward Ravi Bopara.
Undoubtedly hugely talented, the Essex
batsman has played just 10 Tests since mak-
ing his debut in December 2007 and is fast
running out of opportunities for the Three
Lions. He knows he must grab the one that
has been offered to him by Jonathan Trotts
injury with both hands.
Boparas form for England has been hit
and miss to say the least. His Test career
began without much fanfare on a tour of
Sri Lanka and his most recent contribution
was 105 runs over seven innings against
Australia in the last Ashes on home soil.
However, in between that and still lodged
firmly in the minds of the selectors are
the three consecutive centuries he scored
against West Indies in early 2009.
England management would also have
been impressed by his recent knock of 178
for his county side against Leicestershire
and Bopara is likely to bat at No6, with Ian
Bell filling the void at three left by Trotts
absence. With Boparas track record it is a
risk, but if he clicks, a small buy of his total
match runs with Sporting Index at 67
should prove worthwhile.
Already hurting from two big losses,
injuries to key players have added to cap-
tain MS Dhonis pain. Batsman Yuvraj
Singh and spinner Harbhajan Singh were
ruled out last week and they have since
been joined on the sidelines by key fast
bowler Zaheer Khan. The withdrawal of
Khan is a massive blow to the tourists and it
is difficult to see how their remaining
bowling attack will take 20 wickets against
TODAY 11.00 AM SKY SPORTS 1
INDIA
ENGLAND
POINTERS...
Buy Ravi Boparas runs at 67 with Sporting Index
Back England to win third Test at 2.44 on Betdaq
England to win series 4-0 at 5/2 with Paddy Power
Ian Bell to be top England scorer in third Test at 9/2
with William Hill
England to pile on misery
for Indians at Edgbaston
Bopara hasnt played a Test for two years Picture: ACTION IMAGES
C
AN the 93rd USPGA Championship
provide us with a story worthy of a
gripping season of golf so far? It is
less than a month since Open win-
ner Darren Clarkes emotional walk up
the 18th at Royal St. Georges and two
months since Rory McIlroy tore up the
record books at the US Open. The final
major of the year, hosted this time at the
Atlanta Athletic Club in Georgia, has a lot
to live up to.
Clarke and McIlroy are grouped togeth-
er in the first round alongside the winner
of 2011s other major and fellow charge of
the super-hot ISM stable, Masters champi-
on Charl Schwartzel. McIlroy recently pro-
fessed to playing his best golf in the US
although he neednt have wasted his
breath. On tracks which seem designed to
play to the US players strengths, with his
exceptional power the Northern Irishman
can out-fox the Americans. He is short at
10/1 so selling his finishing position at 26
with Sporting Index appeals more. Since
tying for third in the 2010 Open, his major
results on American soil are impressive:
tied-third at the USPGA Championship
last year, T15 at the Masters (the scene of
his heartbreaking capitulation after lead-
ing for three rounds) and obviously first at
the US Open this summer.
Another group to watch out for is the
trio of former US PGA winners Phil
Mickelson, David Toms and Vijay Singh.
Toms reigned supreme in 2001, the last
occasion that the Atlanta Athletic Club
hosted the event, beating Mickelson by a
single shot. Lefty is a great bet to win this
first round three-ball at 11/10 with
William Hill. Singh has done little of note
this season, while Toms, despite being in
good form, might struggle to contend
with the additional few hundred yards
added to the course since his victory a
decade ago.
Australian Adam Scotts victory at the
WGC-Bridgestone Invitational has helped
to take a little of the attention away from
compatriot Jason Day. Considering his
record in the handful of major appear-
ances in the country the Texas resident
now calls home, Day is screaming to be
bought in Sporting Indexs top Australian
Index at 24. He was 10th at the PGA
Championship last year and second in
both the Masters and the US Open earlier
in 2011.
POINTERS...
Sell Rory McIlroys finishing position at 26 with
Sporting Index
Phil Mickelson to win first round three-ball at 11/10
with William Hill
Buy Jason Days top Australian index at 24 with
Sporting Index
USPGA CHAMPIONSHIP
TOMORROW - 6PM SKY SPORTS 2
More glory in store for Rory at USPGA
Punter | Sport
24
Sport
Extreme 40s in action on a day dominated by McMillans The Wave Picture: GETTY
HOME skipper Leigh McMillans The
Wave seized the overall lead in the
Extreme Sailing Series on a star-stud-
ded day four of Aberdeen Asset
Management Cowes Week.
One win and two second places
from yesterdays seven races elevated
Isle of Wight-born McMillan and his
crew into first place, ahead of
Frances Groupe Edmond de
Rothschild and previous leader Luna
Rossa, of Italy.
Good sailing conditions allowed
the full 11-strong fleet to race togeth-
er five times, on a day in which
celebrities from the world of sailing
and beyond, such as Scottish rugby
great Gavin Hastings, joined the
teams on board as guests.
John Pinks Aberdeen Asset
Management was able to continue
McMillan puts
on a show for
sailings stars
BY FRANK DALLERES
COWES WEEK
competing in the British leg of the

global series after the Olympic 49er
sailor succeeded in repairing damage
caused when the boat capsized dur-
ing Mondays racing.
Elsewhere yesterday, in the IRC
Class 1, Michael Bartholomews
Tokoloshe won the Britannia Cup,
one of the regattas most coveted
prizes, ahead of another King 40,
Aasmund Drolsums Magic and
Bernard Gouys Ker 39 Inis Mor.
Lloyds Yacht Clubs Swan 53 Lutine
was first in the IRC Class 2s, while
Niklas Zennstroms Ran triumphed
on corrected time in the IRC Big
Boats.
Johnny Shaw and Julia Plumsteads
Perdix took victory in the XOD class,
ahead of Simon McCarthy and Adam
Richards XL, while Julia Baileys
Aimee pipped Gavia Wilkinson-Coxs
Jerboa by just 19 seconds in the
Dragon class.
W
ELL, I have been duly edu-
cated and it seems I have to
hold my hand up: I was
wrong. Ladies Day at
Aberdeen Asset Management Cowes
Week isnt a pat on the back for us
from the establishment its serious,
and is an effort to lessen the miscon-
ceptions sailing is the sporting pre-
serve of men.
The Olympic 470 dinghies are a
good example of this. Women and
men sail the same boats and men
choose to train with their countrys
female team as they are often faster.
On that note, its great to see the
Brits, Hannah Mills and Saskia Clarke
laying some smack down in
Weymouth at the Olympic test event
this week! Also it was good to see
Giulia Conti, the Italian 470 sailor,
and Silja Lehtinen, the Finnish match
racer. Both are doing well in
Weymouth but took advantage of
their rest day to come over to Cowes
and watch the Extreme 40 sailing.
DESIRED EFFECT
I also caught up with Louise Morton,
winner of last years Ladies Day
Trophy, and not surprisingly she is a
fan of the event. She said it was great
to be acknowledged for her achieve-
ments, and thats what its all about.
Its a celebration of women! Ladies
Day does seem to be having the
desired effect and this year at Cowes
Week nearly 30 per cent of the sailors
at Cowes this week are women a
surprisingly high percentage.
Meanwhile in our household, over
dinner the conversation became
quite heated about the incident on
Saturday in which a tanker collided
with a small sailing boat. Tim, one of
the crew on my husbands Yes! Team,
had met up with one of the sailors
involved and was given his account.
Obviously there will be a proper
investigation but from his version of
the incident it does sound quite plau-
sible that I could have done the same
thing. You hope you dont have a sim-
ilar rabbit-in-headlights moment, but
until it happens you dont know.
The Yes! Team boys were debating
eagerly as, by chance, the same
tanker left Southampton and went
through their fleet. They pushed it as
much as the rules allowed and would
have pushed it further had a Royal
Thames rib not got in the way. They
did have a slight mishap on the
water, but only once they had crossed
the finish line Marty fell overboard
and they had to execute a quick man
overboard manoeuvre!
Very rarely can you provide some-
one with child-like excitement and
half an hour of complete exhilara-
tion, but today I did. Aberdeen Asset
Management ran a competition on
Cowes Week Radio to go sailing on
the Extreme 40s and my stepfather
won todays place, but he was racing
and unable to go. So Katie Brill, our
cook and a non-sailor, took the place
and absolutely loved it! Im just glad
there wasnt a repeat performance of
John Pinks capsize on Tuesday.
COWES WEEK DIARY
SARAH GOSLING
Ladies Day proves and education and more than a pat on the back
Olympic champion
shares Cowes Week
diary with City A.M.
Sport
26
POLICE will today decide whether
Londons Premier League and
Football League fixtures are safe to go
ahead at the weekend after the riot-
ing ravaging the capital plunged the
sporting calendar into chaos.
The Football Association was yester-
day forced to call off Englands friend-
ly against Holland, less than 36 hours
before 80,000 were due at Wembley
for the game, because of concerns
over the safety of supporters and play-
ers.
Crystal Palace postponed last
nights Carling Cup fixture against
Crawley Town while a friendly
between Ghana and Nigeria, due to
take place at Watfords Vicarage Road,
was also axed because police
resources were needed more urgently
elsewhere.
The decisions raise further doubts
about the viability of the three
Premier League season openers at
Tottenham, QPR and Fulham and
five Football League fixtures at
Palace, Millwall, Leyton Orient,
Barnet and Dagenham and Redbridge
slated to take place on Saturday.
But in a joint statement released
last night, the two leagues deferred a
decision on matches in the capital
until today, and all but ruled out post-
poning any matches elsewhere in the
country.
We are in on-going discussions
with our London-based clubs, the rel-
evant police forces and statutory
authorities, in regard to the staging
of the coming weekends fixtures in
the capital, read the statement.
The Metropolitan Police has con-
veyed to us the dynamic nature of the
current situation and with that in
mind all parties will review the situa-
tion on Thursday and make a further
public statement.
With the information currently
available there is no reason to think
any matches outside of London will
be affected.
It is understood the final say rests
with local police forces, who must
decide whether they have adequate
resources to ensure sporting events
on their patch pass safely.
Transport links are also a concern,
with the damage in the Tottenham
area last weekend raising doubts over
whether key routes to White Hart
Lane would be clear for supporters in
time for Saturdays visit of Everton.
The FA, meanwhile, have vowed to
refund all tickets for the Holland
match, which they hope to resched-
ule as early next year as possible.
It is understood that the Dutch
raised the issue of compensation for
the match being cancelled.
Honouring the fixture at a later date
would minimise the FAs losses.
FA chairman David Bernstein said
they were forced to postpone because
limited emergency services resources
meant they could not guarantee the
safety of spectators.
The traditional players pre-match
press conference was cancelled, but
the squad did attend while FA offi-
cials read out a joint statement on
their behalf condemning the vio-
lence.
Were disappointed that tomor-
rows game has been called off but
obviously we understand the reasons
behind the decision and support it,
read the statement.
Weve all seen the terrible pictures
and the most important thing at this
time is the safety of the fans and the
general public. At this time, the
whole squad would like to appeal for
calm and an end to the disorder.
Defender Rio Ferdinand, originally
from Peckham, added on Twitter:
England vs Holland game is off,
good call. Who wants to see a game
of football when our country is in
turmoil?
TOTTENHAM have suffered a blow
ahead of their testing start to the new
season after midfielder Steven
Pienaar was ruled out for six weeks.
The South Africa star, who is recov-
ering from groin surgery, will miss
the visit of his former club Everton on
Saturday and the difficult sequence
of matches that follows.
If, as expected, Pienaar sits out
eight games, he will be absent for fix-
tures against champions Manchester
United, FA Cup winners Manchester
City and resurgent Liverpool. Spurs
would also be without the 29-year-old
for both legs of their Europa League
play-off against Hearts, and the first
group stage match, if they qualify.
Pienaar, who only arrived at White
Hart Lane in January, injured his
groin during the weekend friendly
against Athletic Bilbao and, following
the advice of a specialist, went under
the knife yesterday.
Manager Harry Redknapp is not
short of players in midfield, with
Gareth Bale preferred over Pienaar on
the left. However, with games coming
thick and fast, Redknapp could find
his squad stretched if the injury-
plagued Bale was also hurt.
Redknapps options cut
by Pienaar injury blow
ENGLAND coaches have indicated
they will give captain Lewis Moody
until the last possible moment to
prove his fitness for the World Cup.
Scans revealed yesterday that the
knee injury suffered by the Bath
flanker in Saturdays 23-19 win over
Wales at Twickenham was only a
strain.
Moody will sit out Saturdays
return match at the Millennium
Stadium but Englands medical staff
are cautiously optimistic he will be fit
for next months tournament.
And scrum coach Graham
Rowntree said manager Martin
Johnson would afford maximum
recovery time to his first choice skip-
per before naming his final 30-man
squad in 12 days time.
Is it realistic he will be on the
plane? It is too early to say with that
injury. We will give him the time he
needs, said Rowntree.
He is vital for us going forward.
He has led from the front, led with
energy and the guys respect him for
that. He is doing a great job.
We will see how he develops over
the next few days. Our medics are
fantastic here, they have worked won-
ders before. It is a mild strain, not a
bad strain, which gives us hope.
There remains the chance that
Moody could be included while still
recovering from the strain.
It wouldnt be the first World Cup
squad to potentially take players who
are injured, Rowntree added. But
those kinds of decisions well make
nearer the time when we know how
the injury has settled down.
BY FRANK DALLERES
FOOTBALL
BY FRANK DALLERES
RUGBY UNION
England will give Moody until

last minute to prove fitness
ARSENAL manager Arsene Wenger
has fired a warning to the suitors of
his unsettled midfielders Cesc
Fabregas and Samir Nasri by naming
both in his Champions League squad
ahead of nexts week qualifier against
Udinese.
Club captain Fabregas, who failed
to play a part in his sides pre-season
programme, is being courted by
Barcelona, while Manchester City are
leading the race to sign France inter-
national Nasri.
The Gunners host the Serie A club
next Tuesday in the first leg, for
which Nasri is suspended, of a play-off
that will determine whether they
gain entry to the group stages for the
14th consecutive season.
Should either player feature they
would be cup tied from playing for a
potential new employer in the
Champions League this season.
Meanwhile, Wenger has added a
second teenage winger to his ranks in
the space of 24 hours after Alex
Oxlade-Chamberlain was joined by
Japanese starlet Ryo Miyaichi, whose
appeal for a work permit was upheld.
The 18-year-old arrived last January
but was immediately dispatched to
Holland, where he enjoyed a hugely
successful spell on loan at Feyenoord.
Wenger said: Ryo has natural tech-
nical ability. He has good balance and
phenomenal pace, and his passing
and crossing is consistently of a high
quality. He is a very exciting player.
Wenger alerts
suitors of Cesc
and Nasri
BY JAMES GOLDMAN
FOOTBALL
City target Nasri Pic: ACTION IMAGES

RIOTS THREATEN
The FA hope to reschedule the game against Holland for early next year Picture: GETTY
l Fears grow over start of Premier League season
l Eight London matches in danger of being axed
lFA promise refund after England game called off
BY FRANK DALLERES
FOOTBALL
THE International Olympic

Committee remain confident London
will prove safe and secure hosts of
next summers Games, despite the
riots which have wreaked chaos
across the capital since Saturday.
The timing of the clashes could not
have been more embarrassingly
timed as the violence coincided with
the arrivals of two senior members of
the IOC co-ordination commission.
News of the violence and disorder
has prompted the media in China to
raise concerns over Londons suitabil-
ity to stage the Olympics, but a state-
ment from the IOC allayed any fears.
It read: Security at the Olympic
Games is a top priority for the IOC. It
is, however, directly handled by the
local authorities, as they know best
what is appropriate and proportion-
ate. We are confident they will do a
good job in this domain.
The British Olympic Association
endorsed that view, saying: For a
global event such as the Olympic
Games, the primary responsibility for
security rests with law enforcement
authorities, who work closely with
the Games Organising Committee
and other bodies to ensure every
measure is taken to provide a safe
environment.
We know that security has been a
top priority in the planning and
preparation for London 2012, and we
have full confidence in the work
being done to prepare for the Games.
Olympic organisers Locog are
intent that it is business as usual and
a test event, the beach volleyball,
began on Horse Guards Parade yester-
day. The third Test between England
and India at Edgbaston, meanwhile,
will go ahead as planned.
BY JAMES GOLDMAN
OLYMPICS
SPORT | IN BRIEF
Caddy seeks to end Woods row
GOLF: Tiger Woods former caddy
Steve Williams admits he regrets his
outspoken remarks after he was sacked
by the former world No1 last month.
After helping Adam Scott to victory in
last weekends WGC-Bridgestone
Invitational he claimed it represented
the greatest triumph of his career. But
ahead of the start of tomorrows
USPGA Championship in Atlanta, he
said: Looking back on it, I was a bit
over the top, I had a lot of anger in me
about what happened and it all came
out. But, look, its time to move on.
Obertan completes Toon move
FOOTBALL: Newcastle have completed
the signing of Manchester United
winger Gabriel Obertan on a five-year
deal for an undisclosed fee. The 22-
year-old signed for the Old Trafford
giants two years ago but has found
first team opportunities hard to come
by. I spent two good years at Old
Trafford but it was a bit difficult with
the competition, he said. I really need-
ed a club where I could play more.
Stoke complete move for Upson
FOOTBALL: Stoke have signed former
West Ham defender Matthew Upson on
a free transfer. The 32-year-old left the
Hammers at the end of last season and
will link up with former England centre
back Jonathan Woodgate. Meanwhile,
West Ham target Shane Long has com-
pleted a 6.5m move to West Brom
from Reading. The Republic of Ireland
international scored 25 goals last sea-
son as the Royals missed out on promo-
tion after losing in the play-off final.
LADIES DAY PROVES
TO BE AN EDUCATION
SARAH GOSLING SHARES
HER COWES DIARY: P25
27
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email sport@cityam.com
Olympic chiefs keep
faith despite violence
ENGLAND captain Andrew Strauss
has backed his sides supporting cast
to compensate for the absences of
injured duo Chris Tremlett and
Jonathan Trott at Edgbaston this
week.
The shoulder injury which pre-
vented Trott from batting in his cus-
tomary No3 slot in Englands second
innings at Trent Bridge last week is
yet to heal, while Tremlett, who
missed the Nottingham victory, was
ruled out with a back injury.
Tim Bresnan, who bowled
England to victory in the sec-
ond Test to help establish a 2-
0 series lead, is now certain to
keep his place, while Trott is to
be replaced by Ravi Bopara,
who hasnt played a
five-day game for his
country in two
years.
Its sad for
Chris that he
has a bulging
disc in his
back and that
should clear up sooner or
later, but this Test has come
too soon, said Strauss.
But one of the great things is
people have come in and per-
formed
Tim got his chance
because Chris, who
had done bril-
liantly, was
injured and
he took it
with both
hands. Ravi
Bopara is coming
in for this game and
hes got the chance to
do something similar.
Strauss confident Bopara and Bresnan
can fill the breach left by injured duo
BY JAMES GOLDMAN
CRICKET
Premier League
weekend fixtures
The matches due to be staged at
Tottenham, Fulham and Queens
Park Rangers remain unaffected
Football League
weekend fixtures
The matches at Crystal Palace,
Millwall, Watford, Leyton Orient,
Barnet and Dagenham are due to
go ahead
County Cricket at Lords
Middlesexs matches against
Yorkshire and Northants will go
ahead but the finish times
brought forward
Olympic test events
The beach volleyball at Horse
Guards parade will continue as
planned
England international
Last nights friendly against
Holland at Wembley was called
off on police advice
Carling Cup ties
The matches due to take place
on Tuesday at West Ham,
Charlton and Crystal Palace were
postponed
International friendly
The game between Ghana and
Nigeria, due to be played at
Watfords Vicarage Road was
abandoned
EVENTS GOING AHEAD
Dhoni toys with
idea of ditching
spin altogther
INDIA captain MS Dhoni has refused
to rule out fielding a four-pronged
pace attack in the third Test against
England at Edgbaston today. The
tourists have struggled to take 20
wickets in the series so far and with-
out the services of Harbhajan Singh
and Zaheer Khan through injury,
Dhoni may well opt for all out pace in
an attempt to unsettle England. He
said: We have seen that the wickets
have not assisted the spinners. There
is not much for the slow guys. There
is a possibility of playing four pacers.
SPORTING CHAOS
Ferdinand agreed with the abandonment of tonights game Picture: EMPICS
The Olympic test event at Horse Guards Parade went ahead Picture: GETTY
EVENTS CANCELLED
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